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 UNITED
STATES

 SECURITIES
AND EXCHANGE COMMISSION

 WASHINGTON,
D.C. 20549

 FORM

 Annual
 Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 For
 the fiscal year ended December 31, 2023

 or

 Transition
 Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 For
 the transition period from to

 INVO

 (Exact
name of registrant as specified in Charter)

 Nevada

 001-39701

 20-4036208

 (State
 or other jurisdiction of incorporation or organization)

 (Commission

 File
 No.)

 (IRS
 Employee

 Identification
 No.)

 5582
Broadcast Court Sarasota, Florida, 34240

 (Address
of Principal Executive Offices)

 Registrant's
telephone number, including area code: (978) 878-9505

 Securities
registered pursuant to Section 12(b) of the Act:

 Title
 of each class

 symbol(s)

 Name
 of each exchange on which registered

 Stock, $0.0001 par value per share

 INVO

 The
 Nasdaq Stock Market LLC

by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES NO

by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES NO

by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. YES NO

by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). YES NO

by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large
 accelerated filer

 Accelerated
 filer

 Non-accelerated
 filer

 Smaller
 reporting company

 Emerging
 growth company

 If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.

 If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.

by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES NO

 The
aggregate market value of the voting stock and non-voting common equity held by non-affiliates of the registrant as of the last business
day of the registrant's most recently completed second fiscal quarter ended June 30, 2023 was $ 3,072,404 based upon the closing
price of the registrant's common stock of $4.00 on the NASDAQ as of that date.

 The
number of shares outstanding of the registrant's common stock, $0.0001 par value, as of April 16, 2024 was 2,743,031.

 DOCUMENTS
INCORPORATED BY REFERENCE

 Portions
of the registrant's Proxy Statement for the 2023 Annual Meeting of Stockholders are incorporated herein by reference in Part III
of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission
within 120 days of the registrant's fiscal year ended December 31, 2023.

 FORM

 INVO

 TABLE
OF CONTENTS

 Page

 Item
 1.

 Business

 Item
 1A.

 Risk Factors

 Item
 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item
 2.

 Properties

 Item
 3.

 Legal Proceedings

 Item
 4.

 Mine Safety Disclosures

 Item
 5.

 Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item
 6.

 [Reserved]

 Item
 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item
 7A.

 Quantitative and Qualitative Disclosure About Market Risk

 Item
 8.

 Financial Statements and Supplementary Data

 Item
 9.

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item
 9A.

 Controls and Procedures

 Item
 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

 Item
 10.

 Directors, Executive Officers and Corporate Governance

 Item
 11.

 Executive and Director Compensation

 Item
 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item
 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item
 14.

 Principal Accountant Fees and Services

 Item
 15.

 Exhibits, Financial Statement Schedules

 SIGNATURES

 SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS

 Certain
statements, other than purely historical information, including estimates, projections, statements relating to our business plans,
objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words
"believes," "project," "expects," "anticipates," "estimates,"
"intends," "strategy," "plan," "may," "will," "would,"
"will be," "will continue," "will likely result," and similar expressions. We intend such
forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor
provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties
which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the
actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our
operations and future prospects on a consolidated basis include, but are not limited to changes in economic conditions, legislative
or regulatory changes, availability of capital, interest rates, competition, and the impact of the COVID-19 pandemic on our ability
to advance our clinical programs and raise additional financing and generally accepted accounting principles. These risks and
uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such
statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise. Further information concerning our business, including additional factors that could
materially affect our financial results, is included herein and in our other filings with the Securities and Exchange Commission ("SEC").

 Part
I

 Item
1. Business

 Introduction

 This
Annual Report on Form 10-K should be read together and in connection with the other reports that have been filed by us with the SEC for
a comprehensive description of our financial condition and operating results. In the interest of disclosure, we have included in this
Form 10-K certain material events and developments that have taken place through the date of filing of this Form 10-K with the SEC.

 In
this Annual Report on Form 10-K, INVO Bioscience, Inc. (INVO Bioscience, Inc., together with its subsidiaries, is referred to in this
document as "we", "us", "INVO Bioscience", "INVO", or the "Company"), incorporates
by reference certain information from parts of other documents filed with the SEC.
The SEC allows us to disclose important information by referring to it in that manner. Please refer to all such information when reading
this Annual Report on Form 10-K. All information is as of December 31, 2023, unless otherwise indicated. For a description of the risk
factors affecting or applicable to our business, see "Risk Factors," below.

 The
Company

 We are a healthcare services fertility company dedicated
to expanding the assisted reproductive technology ("ART") marketplace by making fertility care more accessible and inclusive
to people around the world. Our commercial strategy is primarily focused on operating fertility-focused clinics, which includes the opening
of dedicated "INVO Centers" offering the INVOcell and IVC procedure (with three centers in North America now operational)
and the acquisition of US-based, profitable in vitro fertilization ("IVF") clinics (with the first acquired in August 2023).
We also continue to engage in the sale and distribution of our INVOcell technology solution into existing independently owned and operated
fertility clinics. While the INVOcell remains important to our efforts, our commercial and corporate development strategy has expanded
to focus more broadly on providing ART services in general through our emphasis on clinic-based operations. We anticipate furthering these
activities with a focus on the acquisition of existing IVF clinics as well as on the opening of dedicated "INVO Centers" offering
the INVOcell and IVC procedure.

 Acquisitions:

 On
August 10, 2023, we consummated the first acquisition of an existing IVF clinic, the Wisconsin Fertility Institute ("WFI").
As an established and profitable clinic, the closing of the WFI acquisition more than tripled the Company's current annual revenues
and became a major part of the Company's clinic-based operations. The acquisition is accelerating the transformation of INVO to a healthcare
services company and immediately added scale and positive cash flow to the operations. It also complements the Company's existing
new-build INVO Center efforts. The Company expects to continue to pursue additional acquisitions of established and profitable existing
fertility clinics as part of its ongoing strategy to accelerate overall growth.

 INVOcell:

 Our
proprietary technology, INVOcell, is a revolutionary medical device that allows fertilization and early embryo development to take
place in vivo within the woman's body. This treatment solution is the world's first intravaginal culture technique for the
incubation of oocytes and sperm during fertilization and early embryo development. This technique, designated as "IVC", provides
patients with a more natural, intimate, and more affordable experience in comparison to other ART treatments. We believe the IVC procedure
can deliver comparable results at a lower cost than traditional IVF and is a significantly more effective treatment than intrauterine
insemination ("IUI").

 Unlike
IVF where the oocytes and sperm develop into embryos in an expensive laboratory incubator, the INVOcell allows fertilization and early
embryo development to take place in the woman's body. The IVC procedure can provide benefits, including the following:

 Reducing
 expensive and time-consuming lab procedures, helping clinics and doctors to increase patient capacity and reduce costs;

 Providing
 a natural, stable incubation environment;

 Offering
 a more personal, intimate experience in creating a baby; and

 Reducing
 the risk of errors and wrong embryo transfers.

 In
both current utilization of the INVOcell, and in clinical studies, the IVC procedure has demonstrated equivalent pregnancy success and
live birth rates as IVF.

Developments

 NAYA
Biosciences Merger Agreement

 On
October 22, 2023, the Company, INVO Merger Sub Inc., a wholly owned subsidiary of the Company and a Delaware corporation ("Merger
Sub"), and NAYA Biosciences, Inc., a Delaware corporation ("NAYA"), entered into an Agreement and Plan of Merger, as
amended on October 25, 2023 (the "Merger Agreement").

 Upon
the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge (the "Merger") with and
into NAYA, with NAYA continuing as the surviving corporation and a wholly owned subsidiary of the Company.

 At
the effective time and as a result of the Merger, each share of Class A common stock, par value $0.000001 per share, of NAYA (the "NAYA
common stock") outstanding immediately prior to the effective time of the Merger, other than certain excluded shares held by NAYA
as treasury stock or owned by the Company or Merger Sub, will be converted into the right to receive 7.33333 (subject to adjustment as
set forth in the Merger Agreement) shares of a newly designated series of common stock, par value $0.0001 per share, of the Company which
shall be entitled to ten (10) votes per each share ("Company Class B common stock") for a total of approximately 18,150,000
shares of the Company (together with cash proceeds from the sale of fractional shares, the "Merger Consideration").

 Immediately
following the effective time of the Merger, Dr. Daniel Teper, NAYA's current chairman and chief executive officer, will be named
chairman and chief executive officer of the Company, and the board of directors will be comprised of at least nine (9) directors, of
which (i) one shall be Steven Shum, INVO's current chief executive officer, and (ii) eight shall be identified by NAYA, of which
seven (7) shall be independent directors.

 The
completion of the Merger is subject to satisfaction or waiver of certain customary mutual closing conditions, including (1) the adoption
of the Merger Agreement by the stockholders of the Company and NAYA, (2) the absence of any injunction or other order issued by a court
of competent jurisdiction or applicable law or legal prohibition prohibiting or making illegal the consummation of the Merger, (3) the
completion of due diligence, (4) the completion of a private sale of the Company's preferred stock at a price per share of $5.00
per share, in a private offering resulting in an amount equal to at least $2,000,000 of gross proceeds to INVO in the aggregate, plus
an additional amount as may be required prior to closing of the Merger to be determined in good faith by the parties to adequately support
INVO's fertility business activities per an agreed forecast of INVO, as well as for a period of twelve (12) months post-Closing
including a catch-up on INVO's past due accrued payables still outstanding (the "Interim PIPE"), (5) the aggregate
of the liabilities of the Company, excluding certain specified liabilities, shall not exceed $5,000,000, (6) the receipt of waivers from
any and all holders of warrants (and any other similar instruments) to securities of the Company, with respect to any fundamental transaction
rights such warrant holders may have under any such warrants, (7) the continued listing of the Company common stock on NASDAQ through
the effective time of the Merger and the approval for listing on NASDAQ of the shares of the Company common stock to be issued in connection
with the Merger, the interim private offering, and a private offering of shares of Company common stock at a target price of $5.00 per
share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization
with respect to the Company common stock) resulting in sufficient cash available for the Company for one year of operations, as estimated
by NAYA, (8) the effectiveness of a registration statement on Form S-4 to be filed by the Company pursuant to which the shares of Company
common stock to be issued in connection with the Merger will be registered with the SEC, and the absence of any stop order suspending
such effectiveness or proceeding for the purpose of suspending such effectiveness being pending before or threatened by the SEC, and
(9) the Company shall have received customary lock-up Agreement from certain Company stockholders. The obligation of each party to consummate
the Merger is also conditioned upon (1) the other party having performed in all material respects its obligations under the Merger Agreement
and (2) the other party's representations and warranties in the Merger Agreement being true and correct (subject to certain materiality
qualifiers); provided, however, that these conditions, other than with respects to certain representations and warranties, will be deemed
waived by the Company upon the closing of the interim private offering.

 The
Merger Agreement contains termination rights for each of the Company and NAYA, including, among others: (1) if the consummation of
the Merger does not occur on or before December 31, 2023 (the "End Date") (which has since been extended to April 30, 20204), except that any party whose material breach
of the Merger Agreement caused or was the primary contributing factor that resulted in the failure of the Merger to be consummated
on or before the End Date, (2) if any governmental authority has enacted any law or order making illegal, permanently enjoining, or
otherwise permanently prohibiting the consummation of the Merger, and (3) if the required vote of the stockholders of either the
Company or NAYA has not been obtained. The Merger Agreement contains additional termination rights for NAYA, including, among
others: (1) if the Company materially breaches its non-solicitation obligations or fails to take all action necessary to hold a
stockholder meeting to approve the transactions contemplated by the Merger Agreement, (2) if the aggregate of the liabilities of the
Company, excluding certain specified liabilities, exceed $5,000,000, (3) if NAYA determines that the due diligence contingency will
not be satisfied by October 26, 2023, (4) if NAYA determines that the Company has experienced a material adverse effect, or (5) the
Company material breaches any representation, warranty, covenant, or agreement such that the conditions to closing would not be
satisfied and such breach is incapable of being cured, unless such breach is caused by NAYA's failure to perform or comply
with any of the covenants, agreements, or conditions hereof to be performed or complied with by it prior to the closing.

 If
all of NAYA's conditions to closing are satisfied or waived and NAYA fails to consummate the Merger, NAYA would be required to
pay the Company a termination fee of $1,000,000. If all of the Company's conditions to closing conditions are satisfied or waived
and the Company fails to consummate the Merger, the Company would be required to pay NAYA a termination fee of $1,000,000.

 On
December 27, 2023, the Company entered into second amendment ("Second Amendment") to the Merger Agreement. Pursuant to the
Second Amendment, the parties agreed to extend the End Date to April 30, 2024. The parties further agreed to modify the closing condition
for the Interim PIPE from a private offering of shares of Company common stock at a price that is a premium to the market price of the
Company common stock in an estimated amount of $5,000,000 or more of gross proceeds to a private offering of the Company's preferred
stock at a price per share of $5.00 per share in an amount equal to at least $2,000,000 to the Company, plus an additional amount as
may be required prior to closing of the Merger to be determined in good faith by the parties to adequately support the Company's
fertility business activities per an agreed forecast, as well as for a period of twelve (12) months post-closing including a catch-up
on the Company's past due accrued payables still outstanding. The parties further agreed to the following schedule (the "Minimum
Interim Pipe Schedule") for the initial $2,000,000: (1) $500,000 no later than December 29, 2023, (2) $500,000 no later than January
19, 2024, (3) $500,000 no later than February 2, 2024, and (4) $500,000 no later than February 16, 2024. The parties also further agreed
to modify the covenant of the parties regarding the Interim PIPE to require NAYA to consummate the Interim PIPE before the closing of
the Merger; provided, however, if the Company does not receive the initial gross proceeds pursuant to the Minimum Interim Pipe Schedule,
the Company shall be free to secure funding from third parties to make up for short falls on reasonable terms under SEC and Nasdaq regulations.

 NAYA

 On
December 29, 2023, the Company entered into a securities
purchase agreement (the "SPA") with NAYA for NAYA's purchase of 1,000,000 shares of the Company's Series A Preferred
Stock at a purchase price of $5.00 per share. The parties agreed that NAYA's purchases will be made in tranches in accordance with
the Minimum Interim Pipe Schedule. The SPA contains customary representations, warranties
and covenants of the Company and NAYA.

 On January 4, 2024, the Company and
NAYA closed on 100,000 shares of Series A Preferred Stock in the first tranche of this private offering for gross proceeds of $500,000.
On Apil 15, 2024, the Company and NAYA closed on additional 61,200 shares of Series A Preferred Stock for additional gross
proceeds of $306,000.

 Wisconsin
Fertility Institute Acquisition

 On
August 10, 2023, INVO, through Wood Violet Fertility LLC, a Delaware limited liability company ("WVF") and wholly owned
subsidiary of INVO CTR, consummated its acquisition of WFI for a combined purchase price of $10 million, of which $2.5 million was paid
on the closing date (net cash paid was $2,150,000 after a $350,000 holdback) plus assumption of the inter-company loan owed by WFRSA
(as defined below) in the amount of $528,756. The remaining three installments of $2.5 million each will be paid on the subsequent three
anniversaries of closing. The sellers have the option to take all or a portion of the final three installments in shares of INVO common
stock valued at $125.00, $181.80, and $285.80, for the second, third, and final installments, respectively.

 WFI
is comprised of (a) a medical practice, Wisconsin Fertility and Reproductive Surgery Associates, S.C., a Wisconsin professional service
corporation d/b/a Wisconsin Fertility Institute ("WFRSA"), and (b) a laboratory services company, Fertility Labs of Wisconsin,
LLC, a Wisconsin limited liability company ("FLOW"). WFRSA owns, operates, and manages WFI's fertility practice that
provides direct treatment to patients focused on fertility, gynecology, and obstetrics care and surgical procedures, and employs physicians
and other healthcare providers to deliver such services and procedures. FLOW provides WFRSA with related laboratory services.

 INVO
purchased the non-medical assets of WFRSA and one hundred percent of FLOW's membership interests. WVF and WFRSA entered into
a management services agreement pursuant to which WFRSA outsourced all its non-medical activities to WVF.

 On
April 5, 2024, the Company entered into a purchase agreement (the "FirstFire Purchase Agreement") with FirstFire Global Opportunities
Fund, LLC ("FirstFire"), pursuant to which FirstFire agreed to purchase, and the Company agreed to issue and sell, (i) a
promissory note with an aggregate principal amount of $275,000.00, which is convertible into shares of the Company's common stock,
according to the terms, conditions, and limitations outlined in the note (the "FirstFire Note"), (ii) a warrant (the "First
Warrant") to purchase 229,167 shares (the "First Warrant Shares") of the Company's common stock at an exercise
price of $1.20 per share, (iii) a warrant (the "Second Warrant") to purchase 500,000 shares (the "Second Warrant Shares")
of common stock at an exercise price of $0.01 issued to FirstFire, and (iv) 50,000 shares of common stock (the "Commitment Shares"),
for a purchase price of $250,000. Carter, Terry, & Company, Inc. acted as placement agent for the transaction, for which it received
a cash fee of $25,000. The proceeds are being used for working capital and general corporate purposes.

 Among
other limitations, the total cumulative number of shares of common stock that may be issued to FirstFire under the FirstFire Purchase
Agreement may not exceed the requirements of Nasdaq Listing Rule 5635(d), except that such limitation will not apply in the event the
Company obtains stockholder approval of the shares of common stock to be issued under the Purchase Agreement, if necessary, in accordance
with the requirements of Nasdaq Listing Rule 5635(d). The Company has agreed to hold a meeting for the purpose of obtaining this stockholder
approval within nine (9) months of the date of the FirstFire Purchase Agreement.

 The
FirstFire Purchase Agreement contains customary representations, warranties, and covenants by each of the Company and FirstFire. Among
other covenants of the parties, the Company granted FirstFire the right to participate in any subsequent placement of securities until
the earlier of eighteen (18) months after the date of the FirstFire Purchase Agreement or extinguishment of the FirstFire Note. The Company
has also granted customary "piggy-back" registration rights to FirstFire with respect to the shares of common stock underlying
the FirstFire Note (the "Conversion Shares"), the First Warrant Shares, the Second Warrant Shares, and the Commitment Shares.
FirstFire has covenanted not to cause or engage in any
short selling of shares of common stock until the FirstFire Note is fully repaid.

 The
following sets forth the material terms of the FirstFire Note, the First Warrant, and the Second Warrant.

Note

and Maturity. The FirstFire Note carries an interest rate of twelve percent (12%) per annum, with the first twelve months of interest,
amounting to $33,000.00, guaranteed, and fully earned as of the issue date. The maturity date of the FirstFire Note is twelve (12) months
from the issue date, at which point the Principal Amount, together with any accrued and unpaid interest and other fees, shall be due
and payable to the holder of the FirstFire Note.

 Conversion.
The holder of the FirstFire Note is entitled to convert any portion of the outstanding and unpaid principal amount and accrued interest
into Conversion Shares at a conversion price of $1.00 per share, subject to adjustment. The FirstFire Note may not be converted and Conversion
Shares may not be issued under the FirstFire Note if, after giving effect to the conversion or issuance, the holder together with its
affiliates would beneficially own in excess of 4.99% of the outstanding common stock. In addition to the beneficial ownership limitations
in the FirstFire Note, the number of shares of common stock that may be issued under the FirstFire Note, the First Warrant, the Second
Warrant, and under the FirstFire Purchase Agreement (including the Commitment Shares) is limited to 19.99% of the outstanding common
stock as of April 5, 2024 (the "Exchange Cap", which is equal to 523,344 shares of common stock, subject to adjustment as
described in the FirstFire Purchase Agreement), unless stockholder approval is obtained by the Company to issue more than the Exchange
Cap. The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse
stock split or other similar transaction.

 Prepayment.
The Company may prepay the FirstFire Note at any time in whole or in part by paying a sum of money equal to 110% of the sum of the principal
amount to be redeemed plus the accrued and unpaid interest.

Proceeds. While any portion of the FirstFire Note is outstanding, if the Company receives cash proceeds of more than $1,500,000 from
any source or series of related or unrelated sources, or more than $1,000,000 from any public offering (the "Minimum Threshold"),
the Company shall, within one (1) business day of Company's receipt of such proceeds, inform FirstFire of such receipt, following
which FirstFire shall have the right in its sole discretion to require the Company to immediately apply up to 100% of all proceeds received
by the Company above the Minimum Threshold to repay the outstanding amounts owed under the FirstFire Note.

 Covenants.
The Company is subject to various covenants that restrict its ability to, among other things, declare dividends, make certain investments,
sell assets outside the ordinary course of business, or enter into transactions with affiliates, thereby ensuring the Company operational
and financial activities are conducted in a manner that prioritizes the repayment of the FirstFire Note.

 Events
of Default. The FirstFire Note outlines specific events of default and provides FirstFire certain rights and remedies in such events,
including but not limited to the acceleration of the FirstFire Note's due date and a requirement for the Company to pay a default
amount. Specific events that constitute a default under the FirstFire Note include, but are not limited to, failure to pay principal
or interest when due, breaches of covenants or agreements, bankruptcy or insolvency events, and a failure to comply with the reporting
requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Upon an event of default, the FirstFire
Note becomes immediately due and payable, and the Borrower is subject to a default sum as stipulated.

 The
FirstFire Note is subject to, and governed by, the terms and conditions of the FirstFire Purchase Agreement.

 First

 The
First Warrant grants the holder thereof the right to purchase up to 229,167 shares of common stock at an exercise price of $1.20 per

The First Warrant is be immediately exercisable and will expire five years from the issuance date. The First Warrant is exercisable,
at the option of the holder, in whole or in part, by delivering to the Company a duly executed exercise notice and, at any time a registration
statement registering the issuance of the First Warrant Shares under the Securities Act of 1933, as amended (the "Securities Act")
is effective and available for the issuance of such First Warrant Shares, or an exemption from registration under the Securities Act
is available for the issuance of such First Warrant Shares, by payment in full in immediately available funds for the number of First
Warrant Shares purchased upon such exercise. If a registration statement registering the issuance of the First Warrant Shares underlying
the First Warrant under the Securities Act is not effective or available, the holder may, in its sole discretion, elect to exercise the
First Warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of First Warrant
Shares determined according to the formula set forth in the First Warrant.

Limitation. A holder will not have the right to exercise any portion of the First Warrant if the holder (together with its affiliates)
would beneficially own in excess of 4.99% of the number of shares of the common stock outstanding immediately after giving effect to
the exercise, as such percentage ownership is determined in accordance with the terms of the First Warrant.

Market Regulation. Until the Company has obtained stockholder approval of the FirstFire Purchase Agreement and the issuance of the
securities issued pursuant thereto, the Company may not issue any First Warrant Shares upon the exercise of the First Warrants if the
issuance of such First Warrant Shares, (taken together with the issuance of any shares held by or issuable to the holder under the FirstFire
Purchase Agreement or any other agreement with the Company) would exceed the aggregate number of shares which the Company may issue without
breaching 523,344 shares (19.9% of the Company's outstanding common stock) or any of the Company's obligations under the

Price Adjustment. Subject to the aforementioned limitations, the exercise price of the First Warrant is subject to appropriate adjustment
in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting
the common stock, upon any distributions of assets, including cash, stock or other property to our stockholders, and if we issue additional
shares of common stock at a price per share that is less than the exercise price then in effect.

Transactions. The Company shall not enter into or be a party to a fundamental transaction unless the successor entity assumes all
obligations of the Company under the First Warrant and other transaction documents. Upon consummation of a fundamental transaction, then
the successor entity will succeed to, and be substituted for the Company, and may exercise every right and power that the Company may
exercise and will assume all of the Company's obligations under the First Warrant with the same effect as if such successor entity
had been named in the First Warrant itself.

as a Stockholder. Except as otherwise provided in the First Warrant or by virtue of such holder's ownership of shares of common
stock, the holder of the First Warrant will not have the rights or privileges of a holder of common stock, including any voting rights,
until the holder exercises the First Warrant.

 Second

 The
Second Warrant grants the holder thereof the right to purchase up to 500,000 shares of common stock at an exercise price of $0.01 per

The Second Warrant will only become exercisable on the specific Triggering Event Date, which is the date that an Event of Default occurs
under the Note, and will expire five years from such date. The Second Warrant includes a 'Returnable Warrant' clause, providing
that the Second Warrant shall be cancelled and returned to the Company if the Note is fully extinguished before any Triggering Event
Date. The Second Warrant will be exercisable, at the option of each holder, in whole or in part by delivering to the Company a duly executed
exercise notice and, at any time a registration statement registering the issuance of the Second Warrant Shares under the Securities
Act is effective and available for the issuance of such Second Warrant Shares, or an exemption from registration under the Securities
Act is available for the issuance of such shares, by payment in full in immediately available funds for the number of Second Warrant
Shares purchased upon such exercise. If a registration statement registering the issuance of Second Warrant Shares under the Securities
Act is not effective or available, the holder may, in its sole discretion, elect to exercise the Second Warrant through a cashless exercise,
in which case the holder would receive upon such exercise the net number of Second Warrant Shares determined according to the formula
set forth in the warrant.

Limitation. A holder will not have the right to exercise any portion of the Second Warrant if the holder (together with its affiliates)
would beneficially own in excess of 4.99% of the number of shares of the common stock outstanding immediately after giving effect to
the exercise, as such percentage ownership is determined in accordance with the terms of the Second Warrant.

Market Regulation. Until the Company has obtained stockholder approval of the FirstFire Purchase Agreement and the issuance of the
securities issued pursuant thereto, the Company may not issue any Second Warrant Shares upon the exercise of the Second Warrants if the
issuance of such Second Warrant Shares, (taken together with the issuance of any shares held by or issuable to the holder under the FirstFire
Purchase Agreement or any other agreement with the Company) would exceed the aggregate number of shares which the Company may issue without
breaching 523,344 shares (19.9% of the Company's outstanding common stock) or any of the Company's obligations under the

Price Adjustment. Subject to the aforementioned limitations, the exercise price of the Second Warrant is subject to appropriate adjustment
in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting
the common stock, upon any distributions of assets, including cash, stock or other property to our stockholders, and if we issue additional
shares of common stock at a price per share that is less than the exercise price then in effect.

Transactions. The Company shall not enter into or be a party to a fundamental transaction unless the successor entity assumes all
obligations of the Company under the Second Warrant and other transaction documents. Upon consummation of a fundamental transaction,
then the successor entity will succeed to, and be substituted for the Company, and may exercise every right and power that the Company
may exercise and will assume all of the Company's obligations under the Second Warrant with the same effect as if such successor
entity had been named in the Second Warrant itself.

as a Stockholder. Except as otherwise provided in the Second Warrant or by virtue of such holder's ownership of shares of common
stock, the holder of the Second Warrant will not have the rights or privileges of a holder of common stock, including any voting rights,
until the holder exercises the Second Warrant.

 Triton
Purchase Agreement

 On
March 27, 2024, the Company entered into a purchase agreement (the "Triton
Purchase Agreement") with Triton Funds LP ("Triton"), pursuant to which the Company agreed to sell, and Triton agreed
to purchase, upon the Company's request in one or more transactions, up to 1,000,000 shares of the Company's common stock,
par value $0.0001 per share, providing aggregate gross proceeds to the Company of up to $850,000. Triton will purchase the shares of common
stock under the Triton Purchase Agreement at the price of $0.85 per share. The purchase agreement expires upon the earlier of the sale
of all 1,000,000 shares of the Company's common stock or December 31, 2024.

 Among
other limitations, unless otherwise agreed upon by Triton, each individual sale of shares of common stock will be limited to no more
than the number of shares of common stock that would result in the direct or indirect beneficial ownership by Triton of more than
9.99% of the then-outstanding shares of common stock. In addition, the total cumulative number of shares of common stock that may be
issued to Triton under the Triton Purchase Agreement may not exceed the requirements of Nasdaq Listing Rule 5635(d), except that
such limitation will not apply in the event the Company obtains stockholder approval of the shares of common stock to be issued
under the Triton Purchase Agreement, if necessary, in accordance with the requirements of Nasdaq Listing Rule 5635(d).

 The
Triton Purchase Agreement provides that the Company will file a prospectus supplement (the "Prospectus Supplement") to
its Registration Statement on Form S-3, which was declared effective on April 16, 2021 (File No. 333-255096) (the "Base
Registration Statement"), covering the offering and sale of the shares of common stock to Triton pursuant to the Triton
Purchase Agreement. Triton's obligation to purchase shares of common stock under the Triton Purchase Agreement is conditioned
upon, among other things, the filing of the Prospectus Supplement and the Base Registration Statement remaining
effective.

 The
Triton Purchase Agreement contains customary representations, warranties, and covenants by each of the Company and Triton. Actual
sales of shares of common stock to Triton will depend on a variety of factors to be determined by the Company from time to time,
including, among others, market conditions, the trading price of the common stock and determinations by the Company as to the
appropriate sources of funding for the Company and its operations. Triton has no right to require any sales of shares of common
stock by the Company but is obligated to make purchases of shares of common stock from the Company from time to time, pursuant to
directions from the Company, in accordance with the Triton Purchase Agreement. During the term of the Triton Purchase Agreement,
Triton has covenanted not to cause or engage in any short selling of shares of common stock.

 On
March 27, 2024, the Company sold to Triton private placement warrants to purchase up to 1,000,000 shares of our common stock at an exercise
price of $2.00 per share.

 On
March 27, 2024, the Company delivered a purchase notice for 260,000 shares of common stock. The Company's common stock traded below
the purchase price following the date of the purchase notice, giving Triton the right to return to the Company any of the 260,000 shares.
Triton notified the Company that it will return 185,000 shares to the Company and closed the purchase of 75,000 shares pursuant to the
Triton Purchase Agreement.

Receipts Agreement

 On
February 26, 2024, the Company finalized an Agreement for the Purchase and Sale of Future Receipts (the "Future Receipts Agreement")
with a buyer (the "Buyer") under which the Buyer purchased $344,925 of our future sales for a gross purchase price of $236,250.
The Company received net proceeds of $225,000. Until the purchase price has been repaid, the Company agreed to pay the Buyer $13,797
per week.

 Convertible
Note Extension

 In
January and March 2023, the Company issued $410,000 of convertible notes (the "Convertible Notes") with a maturity date of
December 31, 2023. The Convertible Notes were issued with fixed conversion prices of $10.00 (for the $275,000 issued in January 2023)
and $12.00 (for the $135,000 issued in March 2023) and (ii) 5-year warrants (the "Q1 2023 Warrants") to purchase 19,375 shares
of common stock at an exercise price of $20.00.

 The
Convertible Notes may be amended with the written consent of the Company and the holders of a majority of the outstanding principal of
the Convertible Notes (the "Required Holders"); provided that, no such amendment, without the written consent of each Convertible
Note holder, may (i) reduce the principal amount or interest rate or change the method of computation of interest (including with respect
to the amount of cash) in the Convertible Notes, (ii) change the percentage of the outstanding principal amount of the Convertible Notes
required to consent to any such amendment or (iii) amend Section 9 (Modifications) of the Convertible Note.

 As
of December 27, 2023, the Company secured written consent by the Required Holders for the Convertible Note maturity date to be extended
to June 30, 2024. As an incentive for the Required Holders to approve the extension, the Company agreed to lower both the Convertible
Note fixed conversion price and the Q1 2023 Warrant exercise price to $2.25. The maturity date extension and the conversion and exercise
price reduction applies to all Convertible Notes.

 Share
Exchange

 On
November 28, 2023, INVO announced that it had received a notice from The Nasdaq Stock Market, LLC ("Nasdaq"), dated November
22, 2023, informing INVO that it has regained compliance with Nasdaq's Listing Rule 5550(b)(1) (the "Equity Rule")
for continued listing on The Nasdaq Capital Market, as INVOs stockholders' equity met or exceeded $2,500,000. INVO will be subject
to a mandatory panel monitor for a period of one year from the date of the notification.

 On November 19, 2023, the Company entered into a share exchange agreement (the "Share Exchange Agreement")
with Cytovia Therapeutics Holdings, Inc., a Delaware corporation ("Cytovia") for Cytovia's acquisition of 1,200,000
shares of the Company's newly designated Series B Preferred Stock in exchange for 163,637 shares of common stock of NAYA held by
Cytovia valued at $6,000,000 (the "Share Exchange"). On November 20, 2023, the Company and Cytovia closed on the exchange
of shares.

 As
a result of the exchange and based on the reduction in net loss demonstrated in the Company's Form 10-Q for the quarter ended September
30, 2023, the ongoing and further expected reduction in certain operating costs, including the end of research and development expenses
related to securing FDA clearance for the INVOcell label update, and profits from the operations of our previously-acquired clinic, Wisconsin
Fertility Institute, the Company's stockholders' equity was sufficient to maintain its Nasdaq listing.

all available evidence to evaluate the realizable value of its investment in the NAYA shares, including the financial condition and near-term
prospects of NAYA, the lack of marketability of the shares, and delays experienced with the interim funding commitments by NAYA, the Company
determined that it could not provide sufficient support to value the NAYA shares at $6 million and instead valued the shares at $2,172,000,
the quoted market value of INVO's common shares underlying the convertible preferred.

 Waiver
Solicitation

 On
November 9, 2023, the Company announced that we had commenced a solicitation of waivers (the "Waiver Solicitation") from
holders of our common stock purchase warrants dated August 8, 2023 (the "August Warrants") of the holder's right
to exercise a payment option upon consummation of the Merger. Receipt of the waivers is a condition to the consummation of the
Merger. The Waiver Solicitation was being made pursuant to a notice of waiver solicitation (the "Notice of Waiver
Solicitation") and accompanying form of waiver, which the Company sent to the holders of the August Warrants. The Notice of
Waiver solicitation sets forth the terms of the Warrant Solicitation. As of today, the Company has secured signed waivers from
approximately 87.5% of the August Warrant holders.

 On
November 13, 2023, the Company announced our intention to commence an exchange
offer to all holders of the August Warrants to exchange shares of INVO's common stock for each warrant tendered. The Company expects
to file a Schedule TO in advance of the Merger, at which time it will commence an exchange offer for the August Warrants that will be
open for no less than 20 business days and will expire two trading days after the closing of the Merger.

 Under
the terms of the proposed exchange offer, warrant holders will have the opportunity to exchange each warrant held for a number of shares
of common stock equal to the quotient of $2.25 per warrant divided by the closing price of INVO's common stock on the date of closing
of the Merger.

 These
terms and conditions of the exchange offer will be described in an offer to exchange and related letter of transmittal that will be sent
to August Warrant holders shortly after commencement of the exchange offer. The exchange offer will be subject to the closing of the
Merger agreement with NAYA. Tenders of warrants must be made prior to the expiration of the exchange offer period.

 Increase
in Authorized Shares

 On
October 13, 2023, our stockholders approved an increase to the number of our authorized shares of common stock from 6,250,000 shares
to 50,000,000 shares and we filed a Certificate of Amendment to our Articles of Incorporation with the Nevada Secretary of State on such
date to increase our authorized shares of common stock from 6,250,000 shares to 50,000,000 shares.

Loan and Security Agreement

 On
September 29, 2023, INVO, Steven Shum, as a Key Person, and our wholly-owned subsidiaries Bio X Cell, Inc, INVO CTR, Wood Violet Fertility
LLC, FLOW and Orange Blossom Fertility LLC as guarantors (the "Guarantors"), entered into a Revenue Loan and Security Agreement
(the "Loan Agreement") with Decathlon Alpha V LP (the "Lender") under which the Lender advanced a gross amount
of $1,500,000 to the Company (the "RSLA Loan"). The RSLA Loan has a maturity date of June 29, 2028, is payable in fixed monthly
installments, as set forth in the Loan Agreement, and may be prepaid without penalty at any time. The installments include an interest
factor that varies based on when the RSLA Loan is fully repaid and is based on a minimum amount that increases from thirty five percent
(35%) of the RSLA Loan principal if fully repaid in the first six months to 100% of the RSLA Loan principal if fully repaid after 30
months from the RSLA Loan's effective date.

 August
2023 Public Offering

 On
August 4, 2023, we, entered into securities purchase agreements (the "Purchase
Agreements") with certain institutional and other investors, pursuant to which we agreed to issue and sell to such investors in
a public offering (the "August 2023 Offering"), 1,580,000 units (the "Units") at a price of $2.85 per Unit, with
each Unit consisting of (i) one share of our common stock (the "Shares"), and (ii) two common stock purchase warrants (the
"Warrants"), each exercisable for one share of Common Stock at an exercise price of $2.85 per share. In the aggregate, in
the August 2023 Offering the Company issued 1,580,000 Shares and 3,160,000 Warrants. The securities issued in the August 2023 Offering
were offered pursuant to our registration statement on Form S-1 (File 333-273174) (the "Registration Statement"), initially
filed by us with the SEC under the Securities Act, on July 7, 2023 and declared effective on August 3, 2023.

 We closed the Offering on August 8, 2023, raising gross proceeds of approximately $4 million
before deducting placement agent fees and other offering expenses payable by us. We used(i) $2,150,000 to fund the initial installment of the WFI purchase price (net of a $350,000 holdback) on August 10, 2023; (ii) $1,000,000 to pay Armistice the Armistice Amendment Fee(as defined below); and (iii) $139,849 to repay those certain 8% debentures issued in February 2023, plus accrued interest and fees of approximately $10,911. We are using the remaining proceeds from the August 2023 Offering for working capital and general corporate purposes.

 In
connection with the August 2023 Offering, on August 4, 2023, we entered
into a placement agency agreement (the "Placement Agency Agreement") with Maxim Group LLC ("Maxim"), pursuant
to which (i) Maxim agreed to act as placement agent on a "best efforts" basis in connection with the August 2023 Offering
and (ii) we agreed to pay Maxim an aggregate fee equal to 7.0% of the gross proceeds raised in the August 2023 Offering and warrants to
purchase up to 110,600 shares of common stock at an exercise price of $3.14 (the "Placement Agent Warrants"). The Placement
Agent Warrants (and the shares of common stock issuable upon the exercise of the Placement Agent Warrants) were not registered under the
Securities Act and were offered pursuant to an exemption from the registration requirements of the Securities Act provided in Section
4(a)(2) of the Securities Act and Rule 506(b) promulgated thereunder.

 July 2023
Standard Merchant Cash Advance Agreement

 On
July 20, 2023, we entered into a Standard Merchant Cash Advance Agreement with Cedar Advance LLC ("Cedar") under which Cedar
purchased $543,750 of our receivables for a gross purchase price of $375,000 (the "Initial Advance"). We received net proceeds
of $356,250. Until the purchase price is repaid, we agreed to pay Cedar $19,419.64 per week. If the Initial Advance is repaid within
30 days, then the amount payable to Cedar shall be reduced to $465,000. In addition, we granted Cedar a security interest in our accounts,
including deposit accounts and accounts receivable. We used the proceeds for working capital and general corporate purposes.

 On
August 31, 2023, we refinanced the Initial Advance through the purchase by Cedar of $746,750 of the Company's receivables for a
gross purchase price of $515,000 (the "Refinanced Advance"). We received net cash proceeds of $134,018 after applying $390,892
towards the repayment of the Initial Advance. The new Cash Advance Agreement provides that if we repay the Refinanced Advance within
30 days then the amount payable to Cedar shall be reduced to $643,750, and if the Refinanced Amount is repaid on days 31 to 60 then the
amount payable to Cedar shall be reduced to $674,650. Until the purchase price is repaid, we agreed to pay Cedar $16,594 per week. On
September 29, 2023, we repaid $0.3 million of the Refinanced Advance with proceeds from the RLSA Loan (as defined below). As a result
of such payment, the weekly payment was reduced to $9277.

 Amendment
to Armistice SPA

 On
July 7, 2023, we entered into an Amendment to Securities Purchase Agreement (the "Armistice Amendment") with Armistice
Capital Markets Ltd. to delete Section 4.12(a) of our March 23, 2023 Securities Purchase Agreement (the "Armistice SPA")
with Armistice pursuant to which we agreed that from March 23, 2023 until 45 days after the effective date of the Resale
Registration Statement (as defined below) we would not (i) issue, enter into any agreement to issue or announce the issuance or
proposed issuance of any shares of common stock or Common Stock Equivalents or (ii) file any registration statement or any amendment
or supplement thereto, other than the prospectus supplement filed in connection with that offering and the Resale Registration
Statement (the "Subsequent Equity Financing Provision"). In consideration of Armistice's agreement to enter into
the Armistice Amendment and delete the Subsequent Equity Financing Provision from the Armistice SPA, we agreed to pay Armistice a
fee a $1,000,000 (the "Armistice Amendment Fee") within two days of the closing of the August 2023 Offering.
Additionally, we agreed to include a proposal in our proxy statement for our 2023 Annual Meeting of Stockholders for the purpose of
obtaining the approval of the holders of a majority of our outstanding voting common stock, to effectuate the reduction of the
exercise price (the "Exercise Price Reduction") set forth in Section 2(b) of the Common Stock Purchase Warrants issued
to Armistice on March 27, 2023 (the "Existing Warrants") to the per unit public offering price of the August 2023
Offering (or $2.85), in accordance with Nasdaq Rule 5635(d) (the "Stockholder Approval") with the recommendation of our
board of directors that such proposal be approved. We also agreed to solicit proxies from our stockholders in connection therewith
in the same manner as all other management proposals in such proxy statement and that all management-appointed proxyholders shall
vote their proxies in favor of such proposal. Further, if we did not obtain Stockholder Approval at the first meeting, we agreed to
call a meeting every six (6) months thereafter to seek Stockholder Approval until the earlier of the date Stockholder Approval is
obtained or the Existing Warrants are no longer outstanding. Until such approval was obtained, the exercise price of the Existing
Warrants will remain unchanged.

 On December
26, 2023, INVO held its 2023 annual meeting of stockholders (the "2023 Annual Meeting") whereby INVO's stockholders voted on
and approved the Exercise Price Reduction.

 Reverse
Stock Split

 On
June 28, 2023, our board of directors approved a reverse stock split of our common stock at a ratio of 1-for-20 and also approved a proportionate
decrease in our authorized common stock to 6,250,000 shares from 125,000,000. Pursuant to Nevada Revised Statutes, a company may effect
a reverse split without stockholder approval if both the number of authorized shares of common stock and the number of outstanding shares
of common stock are proportionally reduced as a result of the reverse split, the reverse split does not adversely affect any other class
of stock of the company, and the company does not pay money or issue scrip to stockholders who would otherwise be entitled to receive
a fractional share as a result of the reverse split. On July 26, 2023, we filed a certificate of change with the Nevada Secretary of
State pursuant to Nevada Revised Statutes 78.209 to (i) decrease the number of authorized shares of common stock from 125,000,000 to
6,250,000 shares and (ii) effectuate a 1-for-20 reverse stock split of the outstanding common stock. On July 27, 2023, we received notice
from Nasdaq that the reverse split would take effect at the open of business on July 28, 2023 and the reverse stock split took effect
on that date.

 510(k)
 FDA Clearance

 On
June 22, 2023, we received U.S. Food and Drug Administration (FDA) 510(k) clearance to expand the labeling on the INVOcell device and
its indication for use to provide for a 5-day incubation period. The data supporting the expanded 5-day incubation clearance demonstrated
improved patient outcomes.

 March
2023 Registered Direct Offering

 On
March 23, 2023, INVO entered into a securities purchase agreement (the "March Purchase Agreement") with a certain institutional
investor, pursuant to which we agreed to issue and sell to such investor (i) in a registered direct offering (the "RD Offering"),
69,000 shares of common stock, and a pre-funded warrant (the "Pre-Funded Warrant") to purchase up to 115,000 shares of common
stock, at an exercise price of $0.20 per share, and (ii) in a concurrent private placement (the "March Warrant Placement"),
a common stock purchase warrant (the "March Warrant"), exercisable for an aggregate of up to 276,000 shares of common stock,
at an exercise price of $12.60 per share. The securities to be issued in the RD Offering (priced at the marked under Nasdaq rules) were
offered pursuant to our shelf registration statement on Form S-3 (File 333-255096), initially filed by us with the SEC under the Securities
Act, on April 7, 2021 and declared effective on April 16, 2021. The Pre-Funded Warrant is exercisable upon issuance and will remain exercisable
until all of the shares underlying the Pre-Funded Warrant are exercised in full. All Pre-Funded Warrants were exercised by the investor
in June 2023.

 The
March Warrant (and the shares of common stock issuable upon the exercise of the Private Warrants) was not registered under the Securities
Act and was offered pursuant to an exemption from the registration requirements of the Securities Act provided in Section 4(a)(2) of
the Securities Act and Rule 506(b) promulgated thereunder. The March Warrant is immediately exercisable upon issuance, will expire eight
years from the date of issuance, and in certain circumstances may be exercised on a cashless basis.

 On
March 27, 2023, we closed the RD Offering and March Warrant Placement, raising gross proceeds of approximately $3 million before deducting
placement agent fees and other offering expenses payable by us. If the March Warrant is fully exercised for cash, we would
receive additional gross proceeds of approximately $3.5 million. We used $383,879 in proceeds to repay a portion of the convertible debenture
issued in February 2023 and the remainder of the proceeds were used for working capital and general corporate purposes.

 Notices
 from Nasdaq of Failure to Satisfy Continued Listing Rules

 Notice
Regarding Non-Compliance with Minimum Stockholders' Equity

 On
November 23, 2022, we received notice from The Nasdaq Stock Market LLC ("Nasdaq") advising us that we were not in compliance
with the minimum stockholders' equity requirement for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1)
(the "Equity Rule") requires companies listed on The Nasdaq Capital Market to maintain stockholders' equity of at least
$2,500,000 (the "Stockholders' Equity Requirement"). In our Quarterly Report on Form 10-Q for the quarter ended September
30, 2022, we reported stockholders' equity of $1,287,224, which is below the Stockholders' Equity Requirement for continued
listing. Additionally, as of the date of the notice, we did not meet either of the alternative Nasdaq continued listing standards under
the Nasdaq Listing Rules, market value of listed securities of at least $35 million, or net income of $500,000 from continuing operations
in the most recently completed fiscal year, or in two of the three most recently completed fiscal years.

 The
notice had no immediate effect on the listing of our common stock and our common stock continued to trade on The Nasdaq Capital Market
under the symbol "INVO" subject to our compliance with the other continued listing requirements.

to the notice, Nasdaq gave us 45 calendar days, or until January 7, 2023, to submit to Nasdaq a plan to regain compliance. We submitted
our plan within the prescribed time and, on January 18, 2023, we received a letter from Nasdaq stating that based on our submission that
Nasdaq had determined to grant us an extension of time to regain compliance with the Equity Rule until May 22, 2023.

 On
May 23, 2023, we were notified by the Listing Qualifications department (the "Staff") of Nasdaq that, based upon our non-compliance
with the $2.5 million stockholders' equity requirement for continued listing on The Nasdaq Global Market, as set forth in the Equity
Rule, as of May 22, 2023, our common stock was subject to delisting from Nasdaq unless we timely requested a hearing before the Nasdaq
Hearings Panel (the "Panel").

 We
requested a hearing before the Panel, which stayed any further action by Nasdaq at least until the hearing process was concluded and
any extension that may be granted by the Panel has expired.

 On
July 6, 2023, we had our hearing before the Panel at which time we provided the Panel our plan to regain compliance under the Equity
Rule.

 On
July 27, 2023, we received a letter from the Panel under which they granted our request for continued listing of Nasdaq subject to us
demonstrating compliance with the Equity Rule as well as Nasdaq Listing Rule 5550(a)(2) (to maintain a minimum bid price of $1 (the "Price
Rule")) on or before September 29, 2023. The Panel reserved the right to reconsider the terms of this exception based on any event,
condition, or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing of our securities on
Nasdaq inadvisable or unwarranted. In that regard, the Panel advised us that it is a requirement during the exception period we provide
prompt notification of any significant events that occur during this time that may affect our compliance with Nasdaq requirements. This
includes, but is not limited to, prompt advance notice of any event that may call into question our ability to meet the terms of the
exception granted.

 On
September 27, 2023 the Panel agreed to extend the exception period from September 29, 2023 until November 20, 2023. No additional extensions
for compliance under the Equity Rule may be granted by the Panel.

 On
November 19, 2023, the Company entered into the Share Exchange Agreement
with Cytovia for Cytovia's acquisition of 1,200,000 shares of the Company's newly designated Series B Preferred Stock in exchange
for 163,637 shares of common stock of NAYA held by Cytovia valued at $6,000,000 (the "Share Exchange"). On November 20, 2023,
the Company and Cytovia closed on the Share Exchange.

 As
a result of the Share Exchange and based on the reduction in net loss demonstrated in the Company's Form 10-Q for the quarter ended
September 30, 2023, the ongoing and further expected reduction in certain operating costs, including the end of research and development
expenses related to securing FDA clearance for the INVOcell label update, and profits from the operations of our previously-acquired
clinic, Wisconsin Fertility Institute, the Company believed its stockholders' equity was sufficient to maintain its Nasdaq listing.

all available evidence to evaluate the realizable value of its investment in the NAYA shares, including the financial condition and near-term
prospects of NAYA, the lack of marketability of the shares, and delays experienced with the interim funding commitments by NAYA, the Company
determined that it could not provide sufficient support to value the NAYA shares at $6 million and instead valued the shares at $2,172,000,
the quoted market value of INVO's common shares underlying the convertible preferred.

 On
November 22, 2023, the Company received a letter from Nasdaq confirming that the Company had regained compliance with the Equity Rule.
The letter further stated that in application of Listing Rule 5815(d)(4)(B), the Company would be subject to a mandatory panel monitor
for a period of one year from the date of the letter. If, within that one-year period, the Staff finds the Company again out of compliance
with the Equity Rule, notwithstanding Rule 5810(c)(2), the Company will not be permitted to provide the Staff with a plan of compliance
with respect to that deficiency and Staff will not be permitted to grant additional time for the Company to regain compliance with respect
to that deficiency, nor will the company be afforded an applicable cure or compliance period pursuant to Rule 5810(c)(3). Instead, the
Staff would issue a "delist determination letter" and the Company would have an opportunity to request a new hearing with
the initial Panel or a newly convened hearings panel if the initial Panel is unavailable. The Company would have the opportunity to respond/present
to the hearings panel as provided by Listing Rule 5815(d)(4)(C). The Company's securities may be at that time delisted from Nasdaq.

 Notice
Regarding Failure to Maintain Minimum Bid Price

 On
January 11, 2023, we received a letter from the Staff indicating that, based upon the closing bid price of our common stock for the last
30 consecutive business days, we were not in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued
listing under the Price Rule.

 The
notice had no immediate effect on the listing of our common stock, and our common stock continued to trade on The Nasdaq Capital Market
under the symbol "INVO."

 In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), we were provided an initial period of 180 calendar days, or until July 10, 2023, to
regain compliance with the minimum bid price requirement. If at any time before July 10, 2023, the closing bid price of our common stock
closed at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq would provide written notification that we have
achieved compliance with the minimum bid price requirement, and the matter would be resolved. If we did not regain compliance prior to
July 10, 2023, then Nasdaq may grant us a second 180 calendar day period to regain compliance, provided we (i) meet the continued listing
requirement for market value of publicly-held shares and all other initial listing standards for The Nasdaq Capital Market, other than
the minimum closing bid price requirement, and (ii) notify Nasdaq of its intent to cure the deficiency within such second 180 calendar
day period, by effecting a reverse stock split, if necessary.

 We
were unable to regain compliance by July 10, 2023 and accordingly on July
11, 2023, we received a notice from the Staff that, based upon our non-compliance with the minimum bid price requirement set forth in
the Price Rule 5550(a)(2), the Panel will consider such non-compliance in its decision regarding
the Company's continued listing on Nasdaq. We presented our plan to regain compliance with the minimum bid price requirement
at our hearing with the Panel on July 6, 2023.

 On
July 27, 2023, we received a letter from the Panel under which they granted our request for continued listing of Nasdaq subject to us
demonstrating compliance with the Equity Rule and the Price Rule on or before September 29. 2023. On August 31, 2023, we received notice
from the Panel that we had regained compliance with the Price Rule.

 Operations

 We
operate with a core internal team that oversees our clinic operations as well as handles the INVOcell distribution part of the business.
Each of our clinics are staffed with the necessary personnel to manage day-to-day operations at each clinic. Our most critical management
and leadership functions are carried out by our core management team. We outsource certain other operational functions in order to help
reduce fixed internal overhead needs and costs and in-house capital equipment requirements. For the INVOcell device, we have contracted
out the manufacturing, assembly, packaging, labeling, and sterilization to a medical manufacturing company and a sterilization specialist
to perform the gamma sterilization process.

 To
date, we have completed a series of important steps in the successful development and manufacturing of the INVOcell device:

 Manufacturing:
 We are ISO 13485:2016 certified and manage all aspects of production and manufacturing with qualified suppliers. Our key suppliers,
 which include NextPhase Medical Devices and Casco Bay Molding, have been steadfast partners since our company first began and can
 provide us with virtually an unlimited capability to support our growth objectives, with all manufacturing performed in the New
 England region of the U.S.

 Raw
 Materials: All raw materials utilized for the INVOcell are medical grade and commonly used in medical devices (e.g., medical
 grade silicone, medical grade plastic). Our principal molded component suppliers, Casco Bay Molding and R.E.C. Manufacturing Corporation are well-established companies in the molding industry
 and are either ISO 13485 or ISO 9001 certified. The molded components are supplied to our contract manufacturer for assembly and
 packaging of the INVOcell system. The contract manufacturer is ISO 13485 certified, and U.S. Food & Drug Administration ("FDA")
 registered.

 CE
 Mark: INVO Bioscience received the CE Mark in October 2019. The CE Mark permits the sale of devices in Europe, Australia and
 other countries that recognize the CE Mark, subject to local registration requirements.

 US
 Marketing Clearance: The safety and efficacy of the INVOcell has been demonstrated and cleared for marketing and use by the FDA
 in November 2015.

 Clinical:
 In June 2023 we received FDA 510(k) clearance to expand the labeling on the INVOcell device and its indication for use to provide
 for a 5-day incubation period. The data supporting the expanded 5-day incubation clearance demonstrated improved patient outcomes.

 Employees

 As
of December 31, 2023, we had twenty-five full time and five part time employees, of which thirteen full time and five part time
employees were employed by our wholly owned subsidiary for operations at WFI. We also engage consultants to further support our
operations.

Opportunity

 The
global ART marketplace is a large, multi-billion industry growing at a strong pace in many parts of the world as increased infertility
rates, increased patient awareness, acceptance of treatment options, and improving financial incentives such as insurance and governmental
assistance continue to drive demand. According to the European Society for Human Reproduction 2020 ART Fact Sheet, one in six couples
worldwide experience infertility problems. Additionally, the worldwide market remains vastly underserved as a high percentage of patients
in need of care continue to go untreated each year for many reasons, but key among them are capacity constraints and cost barriers. While
there have been large increases in the use of IVF, there are still only approximately 2.6 million ART cycles, including IVF, IUI and
other fertility treatments, performed globally each year, producing around 500,000 babies. This amounts to less than 3% of the infertile
couples worldwide being treated and only 1% having a child though IVF. The industry remains capacity constrained which creates challenges
in providing access to care to the volume of patients in need. A survey by "Resolve: The National Infertility Association,"
indicates the two main reasons couples do not use IVF is cost and geographical availability (and/or capacity).

 In
the United States, infertility affects an estimated 10%-15% of the couples
of childbearing-age, according to the American Society of Reproductive Medicine (2017). According to the Centers for Disease Control ("CDC"),
there are approximately 6.7 million women with impaired fertility. Based on 2021 data from the CDC's National ART Surveillance System,
approximately 413,000 IVF cycles were performed at 453 IVF centers, leaving the U.S. with a large, underserved patient population, similar
to most markets around the world.

 As
part of its expanded corporate expansion efforts, the Company has incorporated an acquisition strategy to the business. The Company estimates
that there are approximately 80 to 100 established owner-operated IVF clinics that may represent suitable acquisitions as part of this
additional commercial effort.

 Competitive
Advantages of INVOcell

 While our commercial efforts have expanded to clinic services within the
ART market, we
also continue to believe that our INVOcell device, and the IVC procedure it enables, have the following key advantages:

 Lower
cost than IVF with equivalent efficacy. The IVC procedure can be offered for less than IVF due to lower cost of supplies, labor,
capital equipment and general overhead. The laboratory equipment needed to perform an IVF cycle is expensive and requires ongoing costs
as compared to what is required for an IVC cycle. As a result, we also believe INVOcell and the IVC procedure enable a clinic and its
laboratory to be more efficient as compared to conventional IVF.

 The
IVC procedure is currently being offered at several IVF clinics at a price range of $5,000 - $11,000 per cycle and from $4,500 to $7,000
at the existing INVO Centers, thereby making it more affordable than conventional IVF (which tends to average $11,000 to $15,000 per
cycle or higher).

 Improved
efficiency providing for greater capacity and improved access to care and geographic availability. In many parts of the world, including
the U.S., IVF clinics tend to be concentrated in higher population centers and are often capacity constrained in terms of how many patients
a center can treat, with volume often limited by the number of capital-intensive incubators available in IVF clinic labs. With the significant
number of untreated patients along with the growing interest and demand for services, the industry remains challenged to provide sufficient
access to care and to do so at an economical price. We believe INVOcell, and the IVC procedure it enables, can play a significant role
in helping to address these challenges. According to the 2020 CDC Report, there are approximately 449 IVF centers in the U.S. We estimate
that by adopting the INVOcell, IVF clinics can increase fertility cycle volume by up to 30% without adding to personnel, space and/or
equipment costs. Our own INVO Centers also address capacity constraints by adding to the overall ART cycle capacity and doing so with
comparable efficacy to IVF outcomes as well as at a lower per cycle price. Moreover, we believe that we are uniquely positioned to drive
more significant growth in fertility treatment capacity in the future by partnering with existing OB/GYN practices. In the U.S., there
are an estimated 5,000 OB/GYN offices, many of which offer fertility services (usually limited to consultation and IUI, but not IVF).
Since the IVC procedure requires a much smaller lab facility, less equipment, and fewer lab personnel (in comparison to conventional
IVF), it could potentially be offered as an extended service in an OB/GYN office. With proper training and a lighter lab infrastructure,
the INVOcell could expand the business for these physicians and allow them to treat patients that are unable to afford IVF and provide
patients with a more readily accessible, convenient, and cost-effective solution. With our three-pronged strategy (IVF clinics, INVO
Centers and OB/GYN practices), in addition to lowering costs, we believe INVOcell and the IVC procedure can address our industry's
key challenges, capacity and cost, by their ability to expand and decentralize treatment and increase the number of points of care for
patients in need. This powerful combination of lower cost and added capacity has the potential to dramatically open up access to care
for patients around the world.

 Greater
patient involvement. With the IVC procedure, the patient uses their own body for fertilization, incubation and early embryo development
which creates a greater sense of involvement, comfort and participation. In some cases, this may also free people from barriers related
to ethical or religious concerns, or fears of laboratory mix-ups.

Sales and Marketing

 Our
approach to marketing INVOcell is focused on identifying partners within targeted geographic regions that we believe can best support our efforts
to expand access to advanced fertility treatment for the large number of underserved infertile people hoping to have a baby. We believe
that the INVOcell-based IVC procedure is an effective and affordable treatment option that greatly reduces the need for more expensive
IVF lab facilities and allows providers to pass on related savings to patients without compromising efficacy. We have been cleared to
sell the INVOcell in the United States since November 2015 after receiving de novo class II clearance from the FDA. We also received 510k clearance in 2023 for an expanded use of INVOcell
related to the incubation time. Our primary focus
over the past two years has been on establishing INVO Centers in the U.S. and abroad to promote the INVOcell and the IVC procedure and
acquiring existing U.S.-based IVF clinics where we can integrate the INVOcell. While we continue selling the INVOcell directly to IVF
clinics and via distributors and other partners around the world, we have transitioned INVO from being a medical device company to one
that is mostly focused on providing fertility services.

 International
Distribution Agreements

 We
have entered into exclusive distribution agreements for a number of international markets. These agreements usually have an initial term
with renewal options and require the distributors to meet minimum annual purchases, which vary depending on the market. We are also required
to register the product in each market before the distributor can begin importing, a process and timeline that can vary widely depending
on the market.

 The
following table sets forth a list of our current international distribution agreements:

 Distribution
 Partner

 Date

 Initial
 Term

 Status
 in Country

 (a)

 Sept
 2020

 TBD

 Malaysia

 iDS
 Medical Systems

 Nov
 2020

 3-year

 Pakistan

 Galaxy
 Pharma

 Dec
 2020

 In

 Thailand

 IVF
 Envimed Co., Ltd.

 April
 2021

 Sudan

 Sept
 2020

 In

 Ethiopia

 Sept
 2020

 In

 Uganda

 Sept
 2020

 Not
 required

 Nigeria

 G-Systems
 Limited

 Sept
 2020

 5-year

 Iran

 Tasnim
 Behboud

 Dec
 2020

 Sri
 Lanka

 Alsonic
 Limited

 July
 2021

 On hold

 China

 Onesky
 Holdings Limited

 May
 2022

 5-year

 In

 (a)

 Our
 Mexico JV. Please note that the registration is temporarily in the name of Proveedora de Equipos y Productos, S.A. de C.V. and will
 be transferred to Positib Fertility as soon as practicable.

 Investment
in Joint Ventures and Partnerships

 As
part of our commercialization strategy, we entered into a number of joint ventures and partnerships designed to establish new INVO Centers.

 The
 following table sets forth a list of our current joint venture arrangements:

 Affiliate
 Name

 Country

 Percent
 (%)
 Ownership

 HRCFG

 United
 States

 %

 Bloom
 Invo, LLC

 United
 States

 %

 %

 Alabama

 On
March 10, 2021, our wholly owned subsidiary, INVO Centers, LLC ("INVO CTR") entered into a limited liability company agreement
with HRCFG, LLC ("HRCFG") to form a joint venture for the purpose of establishing an INVO Center in Birmingham, Alabama.
The name of the joint venture LLC is HRCFG INVO, LLC (the "Alabama JV"). The responsibilities of HRCFG's principals
include providing clinical practice expertise, performing recruitment functions, providing all necessary training, and providing day-to-day
management of the clinic. The responsibilities of INVO CTR include providing certain funding to the Alabama JV and providing access to
and being the exclusive provider of the INVOcell to the Alabama JV. INVO CTR will also perform all required, industry-specific compliance
and accreditation functions, and product documentation for product registration.

 The
Alabama JV opened to patients on August 9, 2021.

 Georgia

 On
June 28, 2021, INVO CTR entered into a limited liability company agreement (the "Bloom Agreement") with Bloom Fertility,
LLC ("Bloom") to establish a joint venture entity, formed as "Bloom INVO LLC" (the "Georgia JV"),
for the purposes of commercializing INVOcell, and the related IVC procedure, through the establishment of an INVO Center (the "Atlanta
Clinic") in the Atlanta, Georgia metropolitan area.

 In
consideration for INVO's commitment to contribute up to $800,000 within the 24-month period following execution of the Bloom Agreement
to support the start-up operations of the Georgia JV, the Georgia JV issued 800 of its units to INVO CTR and in consideration for Bloom's
commitment to contribute physician services having an anticipated value of up to $1,200,000 over the course of a 24-month vesting period,
the Georgia JV issued 1,200 of its units to Bloom.

 The
responsibilities of Bloom include providing all medical services required for the operation of the Atlanta Clinic. The responsibilities
of INVO CTR include providing certain funding to the Georgia JV, lab services quality management, and providing access to and being the
exclusive provider of the INVOcell to the Georgia JV. INVO CTR will also perform all required, industry specific compliance and accreditation
functions, and product documentation for product registration.

 The
Georgia JV opened to patients on September 7, 2021.

 Effective
September 24, 2020, INVO CTR entered into a Pre-Incorporation and Shareholders Agreement with Francisco Arredondo, MD PLLC ("Arredondo")
and Security Health LLC, a Texas limited liability company ("Ramirez", and together with INVO CTR and Arredondo, the "Shareholders")
under which the Shareholders will commercialize the IVC procedure and offer related medical treatments in Mexico. Each party owns one-third
of the Mexican incorporated company, Positib Fertility, S.A. de C.V. (the "Mexico JV").

 The
Mexico JV will operate in Monterrey, Nuevo Leon, Mexico and any other cities and places in Mexico as approved by the Mexico JV's
board of directors and Shareholders. In addition, the Shareholders agreed that the Mexico JV will be our exclusive distributor in Mexico.
The Shareholders also agreed not to compete directly or indirectly with the Mexico JV in Mexico.

 The
Mexico JV opened to patients on November 1, 2021.

 During the fourth quarter of 2023, our Mexico JV partner informed us that the primary physician onsite had resigned. We have elected to
impair the investment at year end 2023 in this JV due to the uncertainty and possibility that we may offer reduced services or suspend
operations.

 Terminated
JV Agreements

 As
of May 15, 2023, our joint venture agreements to establish INVO Centers in the Republic of North Macedonia and in the Bay Area of California were
terminated due to lack of progress.

 Competition

 Our fertility clinics, within their own local markets,
compete with other local fertility clinics largely on the basis of reputation, quality of patient care, and general pricing. Each of our
INVOcell centers (in Alabama and Georgia) as well as our newly acquired IVF clinic in Wisconsin have at least 2 or more competing fertility
clinics within a 25 mile radius.

 The
fertility treatment regimens with whom the INVOcell and IVC procedure compete when infertile people, in conjunction with their physician,
are choosing the treatment method include drug-only stimulation, IUI, and conventional IVF. The fertility industry is highly competitive
and characterized by long-standing well-entrenched procedures as well as technological improvements. Our INVOcell enables the first new
advanced treatment alternative in over forty years. We face competition from all ART practitioners and device manufacturers. To date,
most advancements in the ART market have been limited to incremental improvements to the various products designed to simply support
conventional IVF.

 Our
principal ART medical device competitor for INVOcell is an intrauterine device called AneVivo, developed by Anecova, a Swiss life
sciences company. The principal difference between the INVOcell and AneVivo is its placement inside the woman's uterus for
early embryo development. We believe that placing the device in the uterus may be more invasive and thus may increase the risk to patients
compared to the INVOcell, which is placed in the vaginal cavity. Currently, AneVivo has obtained a CE Mark, but has not received
FDA approval.

 For
additional information about competition, see Risk Factors in Item 1A of this Annual Report on Form 10-K.

 Government
Regulation

 In
November 2015, FDA granted our petition for de novo classification of the INVOcell. The INVOcell is intended for use in preparing, holding,
and transferring human gametes or embryos during IVC procedure with or without intra-cytoplasmic sperm injection fertilization ("ICSI").
The special controls include clinical and non-clinical performance testing, biocompatibility, sterility and shelf-life testing, and labeling.
These special controls also apply to competing products that seek 510(k) clearance under the classification regulation for IVC systems,
including our own 510(k) effort to expand the labeling on INVOcell from a 3-day incubation period to up to a 5-day incubation period.
In June 2023, we received FDA 510(k) clearance to expand the labeling on the INVOcell device and its indication for use to provide for
a 5-day incubation period.

 We
are subject to country specific regulations in most of the foreign countries where our products are sold. Many of the regulations
applicable to our products in such countries are similar to those of the FDA. The national health or regulatory organizations of
certain countries require that our products be qualified before they can be marketed in those countries. Many of the countries we
are targeting either do not have a formal approval process of their own or will rely on either FDA clearance or the European
approval, the CE mark – although many of these countries also require specific registration processes in order to list the
INVOcell and make it available for sale.

 With
our CE marking, we have the necessary regulatory authority to distribute our product, after registration, in the European Economic
Area (i.e., the Europe Union, the European Free Trade Association, Australia, and New Zealand). In addition, we will have the
ability to market in various parts of the Middle East, Asia and South America. Every country has different country-specific
regulatory and registration requirements, and we have begun or completed registrations in a number of countries. In general, we are
registering the product based on the size of the market and our ability to service it given our resources as well as based on
interest received from, and the execution of, agreements with distribution and joint venture partners.

 We
 may be subject to healthcare fraud, waste, and abuse regulation and enforcement by the federal
 government and the governments in the states and foreign countries in which we might conduct
 our business. The federal laws and many state laws generally apply only to entities or individuals
 that provide items or services for which payment may be made under a government healthcare
 program. These include laws that prohibit the following:

 the
 payment or receipt of anything of value in exchange for referrals of business ( e.g. Anti-Kickback Statute (42 U.S.C. §
 1320a-7b) (the "AKS"); Civil Monetary Penalties Law (42 U.S.C. § 1320a-7a) (the "CMPL"); Ala. Code §
 22-1-11(c));

 the
 presenting of a false or fraudulent claim for payment by a government healthcare program, such as Medicare or Medicaid ( e.g. False
 Claims Act (31 U.S.C. §§ 3729 – 3733); Georgia State False Medicaid Claims Act (Ga. Code Ann. §§ 49-4-168
 – 49-4-168.6)); and

 the
 referral by certain ordering licensed healthcare providers of certain healthcare items and services that are payable by a government
 healthcare program to an entity in which the healthcare provider or his or her immediate family member has an investment or other
 financial relationship ( e.g. Section 1877 of the Social Security Act (42 U.S.C. § 1395nn), commonly referred to as the
 "Stark Law"; Georgia Patient Self-Referral Act of 1993 (Ga. Code Ann. §§ 43-1B-1 – 43-1B-8)).

 These
laws are subject to extensive and increasing enforcement by numerous federal, state, and local government agencies including the Office
of Inspector General, the Department of Justice, the Centers for Medicare & Medicaid Services, and various state authorities. At
present, the Company's products and services are not reimbursable under any government healthcare program. If, however, that changes
in the future and it were determined that the Company was not in compliance with these federal fraud, waste, and abuse laws, the Company
would be subject to liability.

 We
are subject to the requirements of the Health Insurance Portability and Accountability Act of 1996, the Health Information Technology
for Economic and Clinical Health Act of 2009 ("HITECH Act"), and related implementing regulations (together, "HIPAA").
Under HIPAA, the Company must have in place administrative, physical, and technical standards to guard against the misuse of individually
identifiable health information. In the ordinary course of our business as a Business Associate, and with INVO Centers, as a Covered
Entity, we may use, collect, and store sensitive data, including protected health information ("PHI"). We face risks relative
to protecting this critical information, including loss of access risk, inappropriate disclosure risk, inappropriate modification risk,
and the risk of being unable to adequately monitor our controls. Our information technology and infrastructure may be vulnerable to attacks
by hackers or viruses or breached due to employee error, malfeasance, or other disruptions. Failure to comply with HIPAA, including through
a breach of PHI, could result in penalties and sanctions, and materially harm our business.

 For
additional information about government regulation applicable to our business, see Risk Factors in Item 1A.

 Intellectual
Property

 We
rely on a combination of patent, copyright, and trademark laws in the United States and other countries to obtain and maintain our intellectual
property. We protect our intellectual property by, among other methods, filing patent applications with the U.S. Patent and Trademark
Office and its foreign counterparts on inventions that are important to the development of our business.

 We
completed a redesign of the INVOcell device as well as process improvements on the IVC procedure, which supported a new patent application
that was filed on November 11, 2020 and is currently pending. We also filed a PCT (Patent Cooperation Treaty) application for the new
U.S. application on January 18, 2021 to further expand patent protection in strategic locations across the globe, and, in the Spring
of 2022, subsequently filed individual applications in the European Union, China, Japan, India and Mexico, which are currently pending.

 Our
portfolio of U.S. registered trademarks includes the following:

 Nos. 6146631 and 3757982 for INVOCELL

 No. 4009827 for INVO

 No. 4009828 for INVO BIOSCIENCE

 We
also have pending U.S. applications to register the trademark Life Begins Within (App. No. 90803801).

 For
additional information about our intellectual property, see Risk Factors in Item 1A of this Annual Report on Form 10-K.

 Available
Information

 We
maintain an internet website at www.invobio.com. We make available, free of charge through our website, our annual report on Form 10-K,
current reports on Form 8-K, quarterly reports on Form 10-Q and each amendment to these reports. Each such report is posted on our website
as soon as reasonably practicable after such report is filed with the SEC via the EDGAR system.

 The
information on our website is not incorporated by reference into this Annual Report on Form 10-K and should not be considered a part
of this Annual Report. Our website address is included in this Annual Report as an inactive textual reference only.

 Item
1A. Risk Factors

 You
should carefully consider the following risk factors, in addition to the other information in this report on Form 10-K, including the
section of this report titled "Management's Discussion and Analysis of Financial Condition and Results of Operations"
and our consolidated financial statements and related notes. If any of the events described in the following risk factors and the risks
described elsewhere in this report on Form 10-K occurs, our business, operating results and financial condition could be seriously harmed.
This report on Form 10-K also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ
materially from those anticipated in the forward-looking statements as a result of factors that are described below and elsewhere in
this report.

 The
following is a summary of certain important factors that may make an investment in our company speculative or risky. You should carefully
consider the full risk factor disclosure set forth in Item 1A of this Annual Report, in addition to the other information herein, including
the section of this report titled "Management's Discussion and Analysis of Financial Condition and Results of Operations"
and our consolidated financial statements and related notes.

 Our
 financial situation creates doubt whether we will continue as a going concern.

 We
 will need to raise additional funding, which may not be available on acceptable terms, or at all. Failure to obtain this necessary
 capital when needed may force us to delay, limit or terminate operations.

 Even
 if we can raise additional funding, we may be required to do so on terms that are dilutive to you.

 Our potential merger with NAYA Biosciences, Inc. may not close.

 We may not be able to successfully integrate NAYA and the Company and achieve the benefits expected to result from the merger.

 We
 may not be able to successfully integrate the Wisconsin Fertility Institute into INVO Bioscience and achieve the benefits expected
 to result from the acquisition.

 If
 we fail to make the required $7.5 million in additional payments for the Wisconsin Fertility acquisition, our business would be adversely
 affected.

 We
 may incur debt financing to provide the cash proceeds necessary to make the required $7.5 million in additional payments for the
 Wisconsin Fertility acquisition. If we were unable to service any such debt, our business would be adversely affected.

 Our
 business has posted net operating losses, has a limited operating history, and needs additional capital to grow and finance its operations.

 Our
 existing INVO Centers were established as joint ventures with medical partners. Future INVO Centers may also be established as joint
 ventures. These joint ventures will be important to our business. If we are unable to maintain any of these joint ventures, or if
 they are not successful, our business could be adversely affected.

 Our
 business is subject to significant competition.

 We
 are subject to risks associated with doing business globally.

 We
 need to manage growth in operations, and we may not be successful in implementing our growth strategy.

 We may not be successful at pursuing our acquisition strategy.

 We may not be successful at managing clinics.

 Our
 products incorporate intellectual property rights developed by us that may be difficult to protect or may be found to infringe on
 the rights of others.

 We
 may be forced to defend our intellectual property rights from infringement through expensive legal action.

 We
 face potential liability as a provider of a medical device. These risks may be heightened in the area of artificial reproduction.

 We
 may not be able to develop or continue our business if we fail to retain key personnel.

 We
 are subject to significant domestic and international governmental regulations.

 The
 FDA regulatory review process is expensive, time-consuming and uncertain, and the failure to obtain and maintain required regulatory
 clearances and approvals could prevent us from commercializing our products.

 We
 are subject to continuing regulation by the FDA, and failure to comply may materially harm our business.

 Our
 products are generally subject to regulatory requirements in foreign countries in which we sell those products. We will be required
 to expend significant resources to obtain regulatory approvals or clearances of our products, and there may be delays and uncertainty
 in obtaining those approvals or clearances.

 If
 third-party payers do not provide adequate coverage and reimbursement for INVOcell and the IVC procedure, we may be unable to generate
 significant revenue.

 We
 are subject to risks relating to federal and state healthcare fraud, waste, and abuse laws.

 We
 are subject to requirements of the Health Insurance Portability and Accountability Act of 1996, the Health Information Technology
 for Economic and Clinical Health Act of 2009 ("HITECH Act"), and related implementing regulations (together, "HIPAA"),
 and failure to comply, including through a breach of protected health information ("PHI") could materially harm our business.

 We may be subject to risks related
 to changes in laws regarding abortion, which can affect how a fertility clinic must treat and handle embryos

 We have been notified by Nasdaq that the Company will be subject to Mandatory Panel Monitoring until November 22, 2024. During this period,
if the Company does not maintain compliance with the Equity rule, then we will not be permitted additional time to regain compliance and
would be delisted.

 Our
 shares of common stock are thinly traded, and the price may not reflect our value; there can be no assurance that there will be an
 active market for our shares now or in the future.

 We
 do not expect to pay any dividends to shareholders.

 Our
 revenue and operating results could fluctuate significantly from quarter to quarter, which may cause our stock price to decline.

 We
 may have difficulty raising the necessary capital to fund operations and the required $7.5 million in additional payments for the
 Wisconsin Fertility acquisition because of the thin market and market price volatility for our shares of common stock.

 Shareholders
 may be diluted significantly through our efforts to obtain financing and from issuance of additional shares of our common stock,
 including such issuances of shares for services.

 Failure
 to comply with internal control attestation requirements could lead to loss of public confidence in our consolidated financial statements
 and negatively impact our stock price.

 Risks
Related to our Financial Condition and our Need For Additional Capital

 Our
financial situation creates doubt whether we will continue as a going concern.

 From
the inception of our consolidated subsidiary BioXcell Inc. on January 5, 2007, through December 31, 2023, we had an accumulated net loss
of $57.5 million. There can be no assurances that we will be able to achieve a level of revenues adequate to generate sufficient cash
flow from operations or additional financing through private placements, public offerings and/or bank financings necessary to support
our working capital requirements. To the extent that funds generated from any private placements, public offerings, and/or bank financing
are insufficient, we will have to raise additional working capital. No assurance can be given that additional financing will be available,
or if available, will be on acceptable terms. These conditions raise substantial doubt about our ability to continue as a going concern.
If adequate working capital is not available, we may be forced to discontinue operations, which would cause investors to lose their entire
investment.

 We
will need to raise additional funding, which may not be available on acceptable terms, or at all. Failure to obtain this necessary capital
when needed may force us to delay, limit or terminate operations.

 We
do not expect that our current cash position will be sufficient to fund our current operations for the next 12 months. Our operating
plan may change as a result of many factors currently unknown to us, and we may need to seek additional funds sooner than planned,
through public or private equity or debt financings, government or other third-party funding or a combination of these approaches.
Raising funds in the current economic environment may present additional challenges. Even if we believe we have raised or generated
sufficient funds for our current or future operating plans, we may seek additional capital if market conditions are favorable or if
we have specific strategic considerations.

 Any
additional fundraising efforts may divert our management from their day-to-day activities, which may adversely affect our ability to
develop and commercialize our product candidates. In addition, we cannot guarantee that future financing will be available in sufficient
amounts or on terms acceptable to us, if at all. Moreover, the terms of any financing may adversely affect the holdings or the rights
of our stockholders and the issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may
cause the market price of our shares to decline. The sale of additional equity or convertible securities may dilute our existing stockholders.
The incurrence of indebtedness would result in increased fixed payment obligations, and we may be required to agree to certain restrictive
covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual
property rights and other operating restrictions that could adversely impact our ability to conduct our business. We could also be required
to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and
we may be required to relinquish rights to some of our technologies or product candidates or otherwise agree to terms unfavorable to
us, any of which may have a material adverse effect on our business, operating results and prospects.

 If
we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or be unable to expand our operations
or otherwise capitalize on our business opportunities, as desired, which could materially affect our business, financial condition and
results of operations.

 Even
if we can raise additional funding, we may be required to do so on terms that are dilutive to you.

 The
capital markets have been unpredictable in the past for unprofitable companies such as ours. In addition, it is generally difficult for
development stage companies to raise capital under current market conditions. The amount of capital that a company such as ours is able
to raise often depends on variables that are beyond our control. As a result, we may not be able to secure financing on terms attractive
to us, or at all. If we are able to consummate a financing arrangement, the amount raised may not be sufficient to meet our future needs.
If adequate funds are not available on acceptable terms, or at all, our business, including our results of operations, financial condition
and our continued viability will be materially adversely affected.

 Risks
Relating to Our Potential Merger with NAYA Biosciences, Inc.

 The
Merger may be completed even if the Interim PIPE or the Closing PIPE are not completed.

 The
parties have agreed to use their commercially reasonable efforts to raise capital for the combined company privately through the Interim
PIPE and the Closing PIPE. It is a condition of closing the Merger that the Interim PIPE has been consummated, but the consummation of
the Closing PIPE is not a condition to closing. Moreover, the parties can mutually agree to waive the Interim PIPE as a condition to
closing the Merger. If the parties are unable to consummate the Interim PIPE or the Closing PIPE and the Merger closes, the combined
company may be inadequately capitalized upon the closing of the Merger, in which case the combined company would need to raise additional
capital. Such capital may not be available to the combined company on terms acceptable to the combined company, or at all.

 Because
the price of INVO's common stock has fluctuated and will continue to fluctuate, INVO's stockholders cannot be certain, at
the time they vote on the Merger, of the value of the Merger consideration they will receive or the value of the INVO common stock they
will give up.

 Upon
completion of the Merger, each share of NAYA common stock outstanding immediately prior to the Closing will be converted into the right
to receive 7.33333 shares of INVO common stock (subject to adjustment as set forth in the Merger Agreement). Prior to closing, INVO's
stock price my fluctuate due to a variety of factors, including, among others, general market and economic conditions, changes in INVO's
and NAYA's respective businesses, operations and prospects, market assessments of the likelihood that the Merger will be completed,
the timing of the Merger and regulatory considerations. Many of these factors are beyond INVO's and NAYA's control. There
is no guarantee that INVO stockholders will receive market value for their shares of INVO common stock following the Merger in accordance
with the Exchange Ratio.

 After
completion of the Merger, INVO stockholders will have a significantly lower ownership and voting interest in INVO (or NAYA following
the Merger) than they currently have in INVO, and will exercise less influence over management.

 It
is expected that, after completion of the Merger, former INVO stockholders will own approximately own 12% of INVO. The Series B Common
Stock that NAYA is issuing to INVO in the Merger has voting rights that provide the holder of such shares to voting rights that have
the right to ten (10) votes per share of Class B Common Stock held of record by such holder. Consequently, current INVO stockholders
will have significantly less influence over the management and policies of INVO following the Merger than they currently have over the
management and policies of INVO prior to the Merger.

 The
market price of INVO common stock after the Merger may be affected by factors different from those affecting the market price of INVO
common stock currently.

 Upon
completion of the Merger, holders of INVO common stock will become holders of NAYA's business. The overall business composition
and asset mix of INVO, along with its liabilities and potential exposures, differs from that of INVO in certain important respects, and
accordingly, the results of operations of INVO after the Merger, as well as the market price of INVO common stock, may be affected by
factors different from those currently affecting the results of operations of INVO.

 If
the Merger is not completed, the trading price of INVO common stock and its future business and financial results may be negatively impacted.

 As
noted below, the conditions to the completion of the Merger may not be satisfied, and under certain circumstances the Merger Agreement
may be terminated. If the Merger is not completed for any reason, INVO may be subject to a number of risks, including the following:

 Delisting
 from the Nasdaq Capital Market;

 INVO
 remaining liable for significant transaction costs;

 the
 focus of management of INVO having been diverted from seeking other potential opportunities
 without realizing any benefits of the Merger;

 INVO
 experiencing negative reactions from their respective customers, suppliers, regulators, and
 employees;

 the
price of INVO common stock declining significantly from current market prices if such prices reflect an assumption that the Merger will
be completed; and

 failure
 to complete the Merger may result in INVO paying a termination fee to NAYA and could harm
 the common stock price of INVO its future business and operations.

 The
Merger is subject to various closing conditions, including receipt of governmental approvals and other uncertainties and there can be
no assurances as to whether and when it may be completed.

 The
completion of the Merger is subject to a number of closing conditions, many of which are not within INVO's control, and failure
to satisfy such conditions may prevent, delay, or otherwise materially adversely affect the completion of the transaction. It also is
possible that a change, event, fact, effect or circumstance that could lead to a material adverse effect on either party may occur, which
may result in the other party not being obligated to complete the Merger. INVO cannot predict with certainty whether and when any of
the required closing conditions will be satisfied or if an uncertainty resulting in a material adverse effect on INVO may arise. If an
event occurs delaying or preventing the Merger, such delay or failure to complete the Merger may cause uncertainty or other negative
consequences that may materially and adversely affect INVO's business, financial performance, and operating results and the price
per share for INVO's common stock. There can be no assurance that the conditions to the Merger will be satisfied in a timely manner
or at all. If conditions are not met or are incapable of being met, INVO and/or NAYA may be entitled to terminate the Merger Agreement.

 The
Merger may be completed on terms different than those contained in the Merger Agreement.

 Prior
to the completion of the Merger, the parties may, by their mutual agreement, amend or alter the terms of the Merger Agreement, including
with respect to, among other things, the merger consideration to be received by NAYA's or INVO's stockholders or any covenants
or agreements with respect to the parties' respective operations pending completion of the Merger. In addition, either party may
choose to waive certain requirements of the Merger Agreement, including some conditions to closing the Merger. Subject to applicable
law, any such amendments, alterations or waivers may have negative consequences to the other parties or their respective stockholders,
including the possibility that consideration paid in the Merger may be reduced.

 Following
the Merger, the composition of directors and officers of INVO will be materially different than the composition of the current INVO directors
and officers.

 Upon
completion of the Merger, the composition of directors and officers of INVO following the Merger will be different than the current composition
of INVO's directors and officers. The INVO board of directors currently consists of five directors. If approved by the stockholders,
there will be nine directors of INVO upon closing of the Merger, including eight directors chosen by NAYA. With a different composition
of directors and officers for INVO following the Merger, the management and direction of INVO following Merger will likely be different
than the current management and direction of the company prior to the Merger. This may also result in new business plans and growth strategies
as well as divergences from or alterations to existing ones at INVO prior to the Merger. Any new business plans or growth strategies
implemented by the new composition of directors and officers or any divergences from or alternations to existing business plans and strategies,
if unsuccessful, may lead to material unanticipated problems, expenses, liabilities, competitive responses, loss of customer and other
business relationships, and an adverse impact on operations and financial results.

 The
Merger may not qualify as either a "reorganization" within the meaning of Section 368(a) of the Code or a non-taxable exchange
within the meaning of Section 351(a) of the Code for U.S. federal income tax purposes, resulting in recognition of taxable gain or loss
by NAYA stockholders in respect of their NAYA common stock.

 Subject
to qualifications and limitations, the Merger is intended to qualify as a "reorganization" within the meaning of Section
368(a) of the Code, and/or a non-taxable exchange of shares of NAYA common stock for shares of INVO common stock within the meaning of
Section 351(a) of the Code, and an NAYA U.S. holder will not recognize gain or loss for U.S. federal income tax purposes upon the receipt
of shares of INVO common stock in exchange for shares of NAYA common stock in the Merger.

 However,
NAYA has not sought and does not intend to seek a ruling from the IRS regarding the intended tax treatment of the Merger. Consequently,
there can be no assurance that the IRS will not challenge the intended tax treatment of the Merger and, if challenged, that a court would
not sustain the IRS' position. In the event that the Merger does not qualify as either a "reorganization" within the
meaning of Section 368(a) of the Code or as a non-taxable exchange within the meaning of Section 351(a) of the Code, each NAYA U.S. holder
would recognize gain or loss upon the exchange of shares of NAYA common stock for INVO common stock in the Merger are equal to the difference
between the fair market value of the shares of INVO common stock received in exchange for the shares of NAYA common stock and such NAYA
U.S. holder's adjusted tax basis in the shares of NAYA common stock surrendered. Each NAYA stockholder is urged to consult with
his, her, or its own tax advisor with respect to the tax consequences of the Merger.

 The
Merger may not close.

 The
completion of the Merger is subject to satisfaction or waiver of certain customary mutual closing conditions including (1) the adoption
of the Merger Agreement by the stockholders of the Company and NAYA, (2) the absence of any injunction or other order issued by a court
of competent jurisdiction or applicable law or legal prohibition prohibiting or making illegal the consummation of the Merger, (3) the
completion of due diligence, (4) the completion of the Interim PIPE, (5) the aggregate of the liabilities of the Company, excluding certain
specified liabilities, shall not exceed $5,000,000, (6) the receipt of waivers from any and all holders of warrants (and any other similar
instruments) to securities of the Company, with respect to any fundamental transaction rights such warrant holders may have under any
such warrants, (7) the continued listing of the Company common stock on NASDAQ through the effective time of the Merger and the approval
for listing on NASDAQ of the shares of the Company common stock to be issued in connection with the Merger, the interim private offering,
and a private offering of shares of Company common stock at a target price of $5.00 per share (subject to appropriate adjustment in the
event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Company common stock) resulting
in sufficient cash available for the Company for one year of operations, as estimated by NAYA, (8) the effectiveness of this registration
statement on Form S-4 pursuant to which the shares of Company common stock to be issued in connection with the Merger will be registered
with the SEC, and the absence of any stop order suspending such effectiveness or proceeding for the purpose of suspending such effectiveness
being pending before or threatened by the SEC, and (9) the Company shall have received customary lock-up Agreement from certain Company
stockholders. In the event that the Merger is not consummated, it will have a material adverse effect on the business, financial condition
and results of operations of the Company and NAYA.

 We
may not be able to successfully integrate NAYA and the Company and achieve the benefits expected to result from the Merger.

 The
Merger may present challenges to management, including the integration of the operations, and personnel of the Company and NAYA and special
risks, including possible unanticipated liabilities, unanticipated integration costs and diversion of management attention.

 We
cannot assure you that the business of NAYA and the Company will be successfully integrated or profitably managed. Even if these businesses
are successfully integrated and profitably managed, we cannot assure you that, following the transaction, our business will achieve sales
levels, profitability, efficiencies or synergies that justify the Merger or that the Merger will result in increased earnings for us
in any future period.

 Risks
Related to the Acquisition of Wisconsin Fertility Institute

 We
may not be able to successfully integrate Wisconsin Fertility into INVO and achieve the benefits expected to result from the acquisition.

 The acquisition of Wisconsin Fertility may present challenges to management, including the integration of the operations, and personnel
of INVO and Wisconsin Fertility and special risks, including possible unanticipated liabilities, unanticipated integration costs and
diversion of management attention.

 We
cannot assure you that we will successfully integrate or profitably manage Wisconsin Fertility's businesses. Even if we are able
to integrate and profitably manage Wisconsin Fertility's business, we cannot assure you that, following the transaction, our business
will achieve sales levels, profitability, efficiencies or synergies that justify the acquisition or that the acquisition will result
in increased earnings for us in any future period.

 If
we fail to make the required $7.5 million in additional payments required in our acquisition of Wisconsin Fertility, our business would
be adversely affected.

 Following
closing of our acquisition of the Wisconsin Fertility business, we are required to make additional payments of approximately $7.5 million,
which payments are secured the sellers having a lien on the assets purchased to acquire Wisconsin Fertility. If we default on our additional
payment obligations to the sellers of Wisconsin Fertility, such sellers could exercise their rights and remedies under acquisition agreements,
which could include seizing the assets sold to us to acquire Wisconsin Fertility. Any such action would have a material adverse effect
on our business and prospects.

 We
may incur debt additional financing to provide the cash proceeds necessary to make the required $7.5 million in additional payments for
the Wisconsin Fertility acquisition. If we were unable to service any such debt, our business would be adversely affected.

 In
order to finance our acquisition of Wisconsin Fertility, we secured debt financing and may look to raise additional debt proceeds. The
current debt financing requires us to pledge all or substantially all of our assets as collateral. If we were unable to satisfy any such
debt obligation or fail to pay such debt obligations in a timely fashion, we would be in default under such debt financing agreement
and such lender could exercise its rights and remedies under such debt financing agreements, which could include seizing all of our assets.
Any such action would have a material adverse effect on our business and prospects.

 Risks
Relating to Our Business

 Our
business has posted net operating losses, has a limited operating history, and needs additional capital to grow and finance its operations.

 From
the inception of our consolidated subsidiary BioXcell Inc. on January 5, 2007, through December 31, 2023, we had an accumulated net loss
of $57.8 million. We have a limited operating history and are essentially an early-stage operation. We will continue to be dependent
on having access to additional new capital or generating positive operating cash flow primarily through increased device sales and the
development of our INVO Centers in order to finance the growth of our operations. Continued net operating losses together with limited
working capital make investing in our common stock a high-risk proposal. Our limited operating history may make it difficult for management
to provide effective insight into future activities, marketing costs, and customer acquisition and retention. This could lead to INVO
missing targets for the achievement of profitability, which could negatively affect the value of your investment.

 Our
existing INVO Centers were established as joint ventures with medical partners. Future INVO Centers may also be established as joint
ventures. These joint ventures will be important to our business. If we are unable to maintain any of these joint ventures, or if they
are not successful, our business could be adversely affected.

 We
have established, and plan to establish additional, entered into, and may enter into additional, joint ventures for the operation of
our INVO Centers. Our existing and any future joint ventures may have a number of risks, including that our joint venture partners:

 have
 significant discretion in determining the efforts and resources that they will apply;

 may
 not perform their obligations as expected;

 may
 dispute the amounts of payments owed;

 may
 fail to comply with applicable legal and regulatory requirements regarding the distribution or marketing of our INVOcell product;

 may
 not properly maintain or defend their or our relevant intellectual property rights or may use our proprietary information in such
 a way as to invite litigation that could jeopardize or invalidate our intellectual property or proprietary information or expose
 us to potential litigation and liability;

 may
 infringe the intellectual property rights of third parties, which may expose us to litigation and potential liability;

 could
 become involved in a business combination or cessation that could cause them to deemphasize or terminate the development or commercialization
 of our INVOcell product; and

 may
 seek to terminate our joint venture, which could require us to raise additional capital and to develop new joint venture relationships.

 Additionally,
if one of our joint venture partners seeks to terminate its agreement with us, we may find it difficult to attract new joint venture
partners and the perception of our INVO Centers in the business and financial communities could be adversely affected.

 Our
business is subject to significant competition.

 The
fertility industry is highly competitive and characterized by well entrenched and long-standing practices as well as technological improvements
and advancements. New ART services, devices and techniques may be developed that may render the INVOcell obsolete. Competition in the
areas of fertility and ART services is largely based on pregnancy rates and other patient outcomes. Accordingly, the ability of our business
to compete is largely dependent on our ability to achieve adequate pregnancy rates and patient satisfaction levels. Our business operates
in highly competitive areas that are subject to change. New health care providers and medical technology companies entering the market
may reduce our and our INVO Centers' market share, patient volume and growth rates, and could force us to alter our planned pricing
and INVO Center service offerings. Additionally, increased competitive pressures may require us to commit more resources to our and our
INVO Centers' marketing efforts, thereby increasing our cost structure and affecting our ability to achieve, or the timing of achieving,
profitability. There can be no assurance that we will not be able to compete effectively, nor can there be any assurance that additional
competitors will not enter the market. Such competition may make it more difficult for us to enter into additional contracts with fertility
clinics or open profitable INVO Centers.

 We
are subject to risks associated with doing business globally.

 Our
operations, both inside and outside the United States, are subject to risks inherent in conducting business globally and under the laws,
regulations and customs of various jurisdictions and geographies. Our operations outside the United States are subject to special risks
and restrictions, including, without limitation, the following: fluctuations in currency values and foreign-currency exchange rates; exchange control
regulations; changes in local political or economic conditions; governmental pricing directives; import and trade restrictions; import
or export licensing requirements and trade policy; restrictions on the ability to repatriate funds; and other potentially detrimental
domestic and foreign governmental practices or policies affecting U.S. companies doing business abroad, including the U.S. Foreign Corrupt
Practices Act and the trade sanctions laws and regulations administered by the U.S. Department of the Treasury's Office of Foreign
Assets Control. Acts of terror or war may impair our ability to operate in particular countries or regions and may impede the flow of
goods and services between countries. Customers in weakened economies may be unable to purchase our products, or it could become more
expensive for them to purchase imported products in their local currency, or sell at competitive prices, and we may be unable to collect
receivables from such customers. Further, changes in exchange rates may affect our net earnings, the book value of our assets outside
the United States and our stockholders' equity. Failure to comply with the laws and regulations that affect our global operations
could have an adverse effect on our business, financial condition or results of operations.

 Failure
to comply with the United States Foreign Corrupt Practices Act or similar laws could subject us to penalties and other adverse consequences.

 We
are subject to the United States Foreign Corrupt Practices Act, which generally prohibits United States companies, including their suppliers,
distributors and other commercial partners, from engaging in bribery or other prohibited payments to foreign officials for the purpose
of obtaining or retaining business. Corruption, extortion, bribery, pay-offs, theft and other fraudulent practices occur from time-to-time
in the countries in which we distribute products. We have adopted formal policies and procedures designed to facilitate compliance with
these laws. If our employees or other agents, including our distributors or suppliers, are found to have engaged in such practices, we
could suffer severe penalties and other consequences that may have a material adverse effect on our business, financial condition and
results of operations.

 We
need to manage growth in operations, and we may not be successful in implementing our growth strategy.

 In
order to maximize potential growth in our current and potential markets, we may need to expand the scope of our services in the medical
device/bioscience industry. We continue to seek additional market strategies to increase the adoption of INVOcell, including the establishment
of stand-alone INVO Centers, IVF clinic acquisitions and our efforts to bring the INVOCell and IVC procedure into the existing OB/GYN
infrastructure. Such expansion will place a significant strain on our management, operational and sales systems. As a result, we plan
to continue to improve our INVOcell technology, operating procedures and management information systems. We will also need to effectively
train, motivate and manage our employees. Our failure to manage our growth could disrupt our operations and ultimately prevent us from
generating revenues at the levels we expect.

 Many
factors including, but not limited to, increased competition from similar businesses, unexpected costs, costs associated with marketing
efforts and maintaining a strong client base may interfere with our ability to expand successfully. Our inability to implement our internal
strategy successfully may have a negative impact on our growth, future financial condition, results of operations and/or cash flows.

 We
may not be successful at pursuing our acquisition strategy.

 In
2022, we commenced an acquisition strategy targeting existing, smaller IVF clinics in the United States to accelerate our growth. While
we have acquired Wisconsin Fertility, and while we believe that there are in excess of 80 other clinics in the United States that may
be suitable acquisition targets, we may not have any further success in identifying or pursuing additional acquisition candidates. If
suitable acquisition targets are identified, we may not be able to negotiate terms of acquisition or obtain financing to fund such acquisitions.

 We
may not be successful at managing clinics.

 Our
management team has limited experience in managing fertility clinics. We seek to retain experienced personnel to provide clinical
practice expertise, perform recruitment functions, provide necessary training, and provide day-to-day management of our clinics. We may
not be successful in retaining such personnel, integrating such personnel into our operations, or otherwise successfully manage clinics
that we have acquired or may acquire in the future.

 Our
products incorporate intellectual property rights developed by us that may be difficult to protect or may be found to infringe on the
rights of others.

 While
we currently own U.S. and international patents, these patents may be challenged, invalidated or circumvented, and will ultimately expire.
In addition, the rights granted under these patents may not provide the competitive advantages we currently anticipate. Certain countries,
including the United States and in Europe, could place restrictions on the patentability of various medical devices which may materially
affect our business and competitive position. Additionally, the laws of some foreign countries, in particular China and India, do not
protect our proprietary rights to the same extent or in the same manner as U.S. laws, and we may encounter significant problems in protecting
and defending our proprietary rights in these countries. In addition to relying on patent, copyright and trademark laws, we also utilize
a combination of trade secrets, confidentiality policies, non-disclosure and other contractual arrangements to protect our intellectual
property rights. However, these measures may not be adequate to prevent or deter infringement or other misappropriation. Further, our
intellectual property rights may be found to infringe on intellectual property rights of third parties. Moreover, we may not be able
to detect unauthorized use or take appropriate and timely steps to establish and enforce our proprietary rights. Existing laws of some
countries in which we conduct business offer only limited protection of our intellectual property rights, if at all. As the number of
market entrants as well as the complexity of technology in the fertility marketplace increases, the possibility of functional overlap
and inadvertent infringement of intellectual property rights also increases.

 We
may be forced to defend our intellectual property rights from infringement through expensive legal action.

 Third
parties may in the future assert claims against us alleging infringement on their intellectual property rights. Defending such claims
may be expensive, time consuming and divert the efforts of our management and/or technical personnel. Because of litigation, we could
be required to pay damages and other compensation, develop non-infringing products or enter into royalty and/or licensing agreements.
However, we cannot be certain that any such licenses, will be made available to us on commercially reasonable terms.

 We
regard our trade secrets, patents and similar intellectual property as critical to our successful operations. To protect our proprietary
rights, we rely on intellectual property and trade secret laws, as well as confidentiality and license agreements with certain employees,
customers and third parties. No assurance can be given that our intellectual property will not be challenged, invalidated, infringed
or circumvented. If necessary, we intend to defend our intellectual property rights from infringement through legal action, which could
be very costly and could adversely affect our ability to achieve and maintain profitability. Our limited capital resources could put
us at a disadvantage if we are required to take legal action to enforce our intellectual property rights.

 We
face potential liability as a provider of a medical device. These risks may be heightened in the area of artificial reproduction.

 The
provision of medical devices entails the substantial risk of potential tort injury claims. We do not engage in the practice of medicine
or assume responsibility for compliance with regulatory requirements directly applicable to physicians. We currently utilize product
liability insurance to provide coverage against potential tort injury claims, as well as customary insurance protection for our INVO
Centers. However, there can be no assurance such coverage will provide adequate protection against any potential claims. Furthermore,
any claim asserted against us could generate costly legal fees, consume management's time and resources, and adversely affect our
reputation and business, regardless of the merit or eventual outcome of such claim.

 There
are inherent risks specific to the provision of fertility and ART services. For example, the long-term effects on women of the administration
of fertility medication, integral to most fertility and ART services, are of concern to certain physicians and others who fear the medication
may prove to be carcinogenic or cause other medical problems. Additionally, any ban or other limitation imposed by the FDA or other foreign
regulatory department on fertility medication and services could have a material adverse effect on our business. Any such action would
likely adversely affect the value of your investment.

 If
we fail to maintain adequate quality standards for our products, our reputation and business may be adversely affected and harmed.

 Our
customers are expecting that our products will perform as marketed and in accordance with industrial standards. We rely on third-party
manufacturing companies and their packaging processes in connection with the production of our products. A failure to maintain product
quality standards in accordance with our customer's expectations could result in the loss of demand for our products. Additionally,
delays or quality lapses in our production lines could result in substantial economic losses to us. Although we believe that our current
quality control procedures adequately address these risks, there can be no assurance that we will not experience occasional or systemic
quality lapses in our manufacturing and service operations. Currently, we have limited manufacturing capabilities as we rely on a single
manufacturing provider regarding our production process. If our manufacturer is unable to produce an adequate supply of products
at appropriate quality levels, our growth could be limited, and our business may be harmed. If we experience significant or prolonged
disturbance in our quality standards, our business and reputation may be harmed, which may result in the loss of customers, our inability
to participate in future customer product opportunities and reduced revenue and earnings.

 We
heavily rely on third party package delivery services, and a significant disruption in these services or significant increases in prices
may disrupt our ability to import or export materials, increase our costs and negatively affect our ability to achieve and maintain profitability.

 We
ship a significant portion of our products to our customers through independent package delivery companies. If any of our key third party
package delivery providers experience a significant disruption such that any of our products, components or raw materials cannot be delivered
in a timely fashion or such that we incur additional shipping costs that we are unable to recoup, our costs may increase and our relationships
with certain customers may be adversely affected. In particular, if our third-party package delivery providers increase prices and we
are not able to find comparable alternatives or adjust our delivery network, our profitability could be adversely affected.

 We
may not be able to develop or continue our business if we fail to retain key personnel.

 We
substantially rely upon the efforts and abilities of our executive management and directors. The loss of any of our executive officers
and/or directors services could potentially have a material adverse effect on our business, operations, revenues and/or prospects. If
one or more of these persons were to become unable or unwilling to continue in their present positions, we may not be able to replace
them readily or timely, if at all. We do not maintain key man life insurance on the lives of any of our executive management or directors.

 We
will need additional, qualified personnel in order to expand our business. Without additional personnel, we will not be able to expand
our business.

 Expanding
our business requires increasing the number of persons engaged in activities for the sale, marketing, administration and delivery of
our products as well as clinical training personnel for proper IVC procedure training. Our ability to attract and hire personnel to fulfil
these efforts is dependent on our ability to attract and retain potential employees with the proper background and training matching
the skills required for the positions. In addition, we may not be able to attract personnel who will be able to successfully implement
our business operations and growth strategy in the manner that we currently anticipate.

 Currency
exchange rate fluctuations may affect the results of our operations.

 We
intend to distribute our INVOcell product internationally with all sales, domestic and international, in U.S. dollars. As a result, our
operations could be impacted by fluctuations in currency exchange rates, although we attempt to mitigate such risk by invoicing only
in U.S. dollars. In spite of this, our operations may still be negatively impacted by foreign currency exchange rates in the event the
U.S. dollar strengthens and the local currency where the product is being sold weakens. If such international patients are
unable to afford the associated increase costs, international doctors and clinics may not be able to offer the INVOcell and IVC procedure.
As we expand our international footprint with joint ventures, these joint ventures will likely have a functional currency based on their
location and as a result, if we are required to consolidate these financial results it may create currency fluctuations. Additionally,
as an international business we may be susceptible to adverse foreign currency fluctuations unconnected to the U.S. dollar.

 We
are subject to risks in connection with changes in international, national and local economic and market conditions.

 Our
business is subject to risks in connection with changes in international, national and local economic and market conditions, including
the effects of global financial crises, effects of terrorist acts, war and global pandemics. Such economic changes could negatively impact
infertile people's ability to pay for fertility treatment around the world.

 We
anticipate that eventually international sales will account for a meaningful part of our revenue. We will experience additional risks
associated with international sales, including the following:

 political
 and economic instability;

 export
 controls;

 changes
 in international legal and regulatory requirements;

 United
 States and foreign government policy changes affecting the product marketability; and

 changes
 in tax laws, duties and tariffs.

 Any
of these factors could have a material adverse effect on our business, results of operations and financial condition. From 2011
through 2023, we sold products in certain international markets mainly through independent distributors, and we anticipate
maintaining a similar sales strategy along with our recent joint venture activity for the foreseeable future. If a distributor fails
to meet annual sales goals, we may be required to obtain a replacement distributor, which may be costly and difficult to identify.
Additionally, a change in our distributors may increase costs and create a substantial disruption in our operations, resulting in
loss of revenue.

 We
are susceptible to cybersecurity breaches and cyber-related fraud.

 We
depend on information technology ("IT") systems, networks, and services, encompassing internet sites, data hosting and processing
facilities, as well as hardware (including laptops and mobile devices), along with software and technical applications and platforms.
Some of these are overseen, hosted, supplied, and/or utilized by third parties or their vendors, supporting us in the administration
of our business.

 The
escalation of IT security threats and the increasing sophistication of cyber-crime pose a potential hazard to the security of our IT
systems, networks, and services, as well as to the confidentiality, availability, and integrity of our data. Should the IT systems, networks,
or service providers we rely on encounter malfunctions or if we experience a loss or disclosure of sensitive information due to various
causes such as catastrophic events, power outages, or security breaches, and our business continuity plans fail to address these issues
promptly, we could face disruptions in managing operations. This may result in reputational, competitive, and/or business harm, potentially
adversely impacting our business operations and financial condition. Furthermore, such incidents could lead to the unauthorized disclosure
of critical confidential information, causing financial and reputational damage due to the loss or misappropriation of confidential information
belonging to us, our partners, employees, customers, suppliers, or consumers. In such scenarios, significant financial and other resources
might be required to rectify the damage caused by a security breach or to repair and replace networks and IT systems.

 In
addition, in the ordinary course of our business, we may use, collect, and store sensitive data, including personal health information.
We face risks relative to protecting this critical information, including loss of access risk, inappropriate disclosure risk, inappropriate
modification risk, and the risk of being unable to adequately monitor our controls. Our information technology and infrastructure may
be vulnerable to attacks by hackers or viruses or breached due to employee error, malfeasance, or other disruptions. Any such breach
or interruption could compromise our networks and the information stored there could be accessed by unauthorized parties, publicly disclosed,
lost or stolen. Any such access, disclosure, or other loss of information could result in legal claims or proceedings, liability under
laws that protect the privacy of personal information, such as HIPAA, and regulatory penalties. There is no guarantee that we can continue
to protect our systems from breach. Unauthorized access, loss, or dissemination could also disrupt our operations.

 Risks
Related to Our Industry

 We
are subject to significant domestic and international governmental regulation.

 Our
business is heavily regulated domestically in the United States and internationally. In the United States the FDA, and other federal,
state and local authorities, implement various regulations that subject us to civil and criminal penalties, including cessation of operations
and recall of products distributed, if we fail to comply. Any such actions could severely curtail our sales and business reputation.
In addition, additional restrictive laws, regulations or interpretations could be adopted, making compliance with such regulations more
difficult or expensive. While we devote substantial resources to ensure our compliance with laws and regulations, we cannot completely
eliminate the risk that we may be found non-compliant with applicable legal and regulatory requirements.

 We
believe that the healthcare industry will continue to be subject to increased regulation as well as political and legal action, as future
proposals to reform the health care system are considered by the U.S. Congress and state legislatures. We do not know of, nor do we have
any control over, future changes to health care laws and regulations which may have a significant impact on our business.

 The
FDA regulatory review process for medical devices is expensive, time-consuming and uncertain, and the failure to obtain and maintain
required regulatory clearances and approvals could prevent us from commercializing our products.

 Unless
an exemption applies, each medical device commercially distributed in the United States requires either FDA clearance of a 510(k) premarket
notification, approval of a premarket approval, or issuance of a de novo classification order. The FDA clearance, de novo classification,
and approval processes for medical devices are expensive, uncertain and time-consuming.

modifications to the INVOcell that was classified through de novo may require a 510(k) clearance. We may make minor changes to the INVOcell
without seeking clearance for the modifications if we determine such clearances are not necessary and document the basis for that conclusion.
However, the FDA may disagree with our determination or may require additional information, including clinical data, to be submitted
before a determination is made, in which case we may be required to delay the introduction and marketing of our modified products, redesign
our products, conduct clinical trials to support any modifications, or we may be subject to enforcement actions. In addition, the FDA
may not clear such modified INVOcell for the indications that are necessary or desirable for successful commercialization.

 There
is no assurance that we will be able to obtain the necessary clearances on a timely basis or at all. Further, the FDA may change its
policies, adopt additional regulations or revise existing regulations, or take other actions which may impact our ability to modify the
INVOcell on a timely basis, and may prevent or delay clearance of future products. Delays in receipt of, or failure to obtain clearances
for any product modifications or future products we may develop would result in delayed or no realization of revenue from such products
and the viability of our INVO Centers, and in substantial additional costs, which could decrease our profitability.

 In
addition, we are required to continue to comply with applicable FDA and other regulatory requirements following de novo classification
or clearance. The failure to comply with existing or future regulatory requirements could have a material adverse effect on our business.

 Improper
marketing and promotion or off-label use of our product could lead to investigations and enforcement by governmental bodies including
product recalls or market withdrawal, may harm our reputation and business, and could result in product liability suits.

 If
the FDA or any foreign regulatory entity determines that our promotional materials or training constitute promotion of an off-label use,
it could request that we modify our training or promotional materials or subject us to regulatory or enforcement actions. These enforcement
actions could include, for example, a warning letter or untitled letter, injunction, seizure, civil fine or criminal penalties. We cannot,
however, prevent a physician from using the INVOcell off-label, when in the physician's independent professional medical judgement,
the physician deems it appropriate. There may be increased risk of injury to patients if physicians attempt to use the INVOcell off-label,
or the INVOcell may not be as effective, which could harm our reputation.

 If
we fail to comply with the FDA ' s Quality System Regulation ("QSR") or comparable EU requirements, the FDA or
EU competent authorities could take various enforcement actions, including suspending our FDA clearance to market, withdrawal of our
EU CE Certificate or halting our manufacturing operations, and our business would suffer.

 In
the United States, as a manufacturer of a medical device, we are required to demonstrate and maintain compliance with the FDA's
QSR. The QSR covers the methods and documentation of the design, testing, control, manufacturing, labeling, quality assurance, packaging,
storage, and distribution of medical devices. The FDA enforces the QSR through periodic inspections and unannounced "for cause"
inspections. Outside the United States, our products and operations are also required to comply with national requirements where the
product is sold and also standards set by industrial standards bodies, such as the International Organization for Standardization. Foreign
regulatory bodies may evaluate our products or the testing that our products undergo against these standards. The specific standards,
types of evaluation and scope of review differ among foreign regulatory bodies. Our failure to comply with FDA or foreign regulatory
agency requirements, or failure to take satisfactory and prompt corrective action in response to an adverse inspection, could result
in enforcement actions, including a warning letter, adverse publicity, a shutdown of or restrictions on our manufacturing operations,
a recall or seizure of our products, fines, injunctions, civil or criminal penalties, or other sanctions, any of which could cause our
business and operating results to suffer.

 We
are subject to continuing regulation by the FDA, and failure to comply may materially harm our business.

 We
are subject to Medical Device Reporting ("MDR") regulations, which require us to report to the FDA if we become aware of
information that reasonably suggests our product may have caused or contributed to a death or serious injury or has malfunctioned and
the device or a similar device we market would likely cause or contribute to a death or serious injury if the malfunction were to recur.
We may fail to report adverse events of which we become aware within the prescribed timeframe. We may also fail to recognize that we
have become aware of a reportable adverse event. If we fail to comply with our medical device reporting obligations, the FDA could issue
warning letters or untitled letters, take administrative actions, commence criminal prosecution, impose civil monetary penalties, request
or require a product recall, seize our products, or delay the clearance of our future products. We must report corrections and removals
to the FDA where the correction or removal was initiated to reduce a risk to health posed by the device or to remedy a violation of the
Federal Food, Drug, and Cosmetic Act, or FDCA, caused by the device that may present a risk to health.

 Our
failure to comply with these or other applicable regulatory requirements could result in enforcement actions by the FDA which may include
untitled letters, warning letters, fines, injunctions, consent decrees and civil penalties, customer notifications or repair, replacement
or refunds; and criminal prosecution.

 Our
products are generally subject to regulatory requirements in foreign countries in which we sell those products. We will be required to
expend significant resources to obtain regulatory approvals or clearances of our products, and there may be delays and uncertainty in
obtaining those approvals or clearances.

 In
order to sell our products in foreign countries, generally we must obtain regulatory approvals and comply with the regulations of those
countries. These regulations, including the requirements for approvals or clearances and the time required for regulatory review, vary
from country-to-country.

 The
EU requires that manufacturers certify compliance of medical devices with Council Directive (93/42/EEC) ("MDD"), as amended,
and affix the CE mark before selling such devices in member countries of the EU or European Economic Area ("EEA"). The CE
mark is an international symbol of adherence to quality assurance standards and compliance with applicable European medical device directives.
To obtain the authorization to affix the CE mark to products, a manufacturer must certify that its product complies with the
applicable directive, which may include a requirement to obtain certification that its processes and products meet certain European quality
standards.

 In
May 2017, the EU adopted Regulation (EU) 2017/745 ("MDR"), which will repeal and replace the MDD with effect from May 26,
2021. Under transitional provisions, medical devices with notified body certificates issued under the MDD prior to May 26, 2021, may
continue to be placed on the market for the remaining validity of the certificate, until May 27, 2024, at the latest as long as there
have been no significant changes made to the product. After the expiry of any applicable transitional period, only devices that have
been CE marked under the MDR may be placed on the market in the EU (or EEA). The MDR includes increasingly stringent requirements in
multiple areas, such as pre-market clinical evidence (some of which are now in effect), review of high-risk devices, labeling and post-market
surveillance. Under the MDR, pre-market clinical data will now be required to obtain CE Mark approval for high-risk, new and modified
medical devices. We believe these new requirements have the potential to be expensive and time-consuming to implement and maintain.

 Complying
with and obtaining regulatory approval in foreign countries, including compliance with the MDR, have caused and will likely continue
to cause us to experience more uncertainty, risk, expense and delay in commercializing products in certain foreign jurisdictions, which
could have a material adverse impact on our net sales, market share and operating profits from our international operations.

 Changes
in the healthcare industry may require us to decrease the selling price for our products or could result in a reduction in the available
market size.

 Governmental
and private sector initiatives in the U.S. and abroad involving trends toward managed healthcare and cost containment could place an
emphasis on our ability to deliver more cost-effective medical therapies. The development of other cost-effective devices could eventually
adversely affect the prices and/or sales of our products. Companies in the healthcare industry are subject to various existing and proposed
laws and regulations, in both domestic and international markets, regulating healthcare pricing and profitability. Additionally, there
have been third-party payer initiatives to challenge the prices associated with medical products, which if successful, could affect our
ability to sell products on a competitive basis in the future.

 In
the United States, there has been a trend of consolidation among healthcare facilities and purchasers of medical devices, allowing such
purchasers to limit the number of suppliers from whom they purchase medical products. As a result, it is unknown whether such purchasers
will decide to stop purchasing our products or demand discounts on our prices. Any pressure to reduce our product prices in response
to these industry trends and the decrease in market size could adversely affect our anticipated revenue and profitability of our sales,
creating a material adverse effect on our business.

 If
third-party payers do not provide adequate coverage and reimbursement for INVOcell and the IVC procedure, we may be unable to generate
significant revenue.

 Our
success in marketing and commercializing INVOcell and the IVC procedure may depend in part on whether private health insurers and other
payer organizations provide adequate coverage and reimbursement. If physicians or insurers do not find our clinical data compelling or
wish to wait for additional studies, they may choose not to use or provide coverage and reimbursement for INVOcell and the IVC procedure.
We cannot provide assurance that data we or others may generate in the future will be consistent with that observed in our existing clinical
studies, or that our current or future published clinical evidence will be sufficient to obtain adequate coverage and reimbursement for
our products. Moreover, if we cannot obtain adequate coverage for and reimbursement of the cost of our products, we cannot provide assurance
that patients will be willing to incur the full cost of INVOcell and the IVC procedure.

 Third-party
payers, whether foreign or domestic, or governmental or commercial, are developing increasingly sophisticated methods of controlling
healthcare costs. In addition, in the United States, no uniform policy of coverage and reimbursement for INVOcell and the procedure exists
among third-party payers. Therefore, coverage and reimbursement for INVOcell and the IVC procedure may differ significantly from payer
to payer. In addition, payers continually review new technologies for possible coverage and can, without notice, deny coverage for these
new products and procedures. As a result, the coverage determination process is often a time-consuming and costly process that will require
us to provide scientific and clinical support for the use of INVOcell and the IVC procedure to each payer separately, with no assurance
that coverage and adequate reimbursement will be obtained or maintained if obtained.

 Reimbursement
systems in international markets vary significantly by country and by region within some countries, and reimbursement approvals must
be obtained on a country-by-country basis. In many international markets, a product must be approved for reimbursement before it can
be approved for sale in that country. Further, many international markets have government-managed healthcare systems that control reimbursement
for new devices and procedures. In most markets, there are private insurance systems as well as government-managed systems. If sufficient
and timely coverage and reimbursement is not available for our current or future products, in either the United States or internationally,
the demand for our products and our revenues may be adversely affected.

 We
are subject to risks relating to federal and state healthcare fraud, waste, and abuse laws.

 We
may be subject to healthcare fraud, waste, and abuse regulation and enforcement by the federal government and the governments in the
states and foreign countries in which we might conduct our business. Such federal laws generally apply only to entities or individuals
that provide items or services for which payment may be made under a federal healthcare program. These laws are subject to extensive
and increasing enforcement by numerous federal, state, and local government agencies including the Office of Inspector General, the Department
of Justice, the Centers for Medicare & Medicaid Services, and various state authorities. The healthcare laws and regulations that
may affect our ability to operate include the following:

 The
 federal Anti-Kickback Statute (42 U.S.C. § 1320a-7b) (the "AKS"), a criminal statute, makes it illegal for any person
 or entity to knowingly and willfully, directly or indirectly, solicit, receive, offer, or pay any remuneration that is in exchange
 for or to induce the referral of business, including the purchase, order, lease of any good, facility, item, or service for which
 payment may be made under a federal healthcare program, such as Medicare or Medicaid. The term "remuneration" has been
 broadly interpreted to include anything of value. The Civil Monetary Penalties Law (42 U.S.C. § 1320a-7a) (the "CMPL")
 also contains a provision that prohibits the payment of anything of value in return for referrals and provides for the imposition
 of civil penalties.

 Federal
 false claims and false statement laws, including the federal civil False Claims Act (31 U.S.C. §§ 3729 – 3733), prohibits,
 among other things, any person or entity from knowingly presenting, or causing to be presented, for payment to, or approval by, federal
 programs, including Medicare and Medicaid, claims for items or services that are false or fraudulent.

 Section
 1877 of the Social Security Act (42 U.S.C. § 1395nn), commonly referred to as the "Stark Law, prohibits referrals by ordering
 by a physician of "designated health services," which include durable medical equipment and supplies as well as inpatient
 and outpatient hospital services, that are payable, in whole or in part, by Medicare or Medicaid, to an entity in which the physician
 or the physician's immediate family member has an investment interest or other financial relationship, subject to several exceptions.
 Financial relationships that are implicated by the Stark Law can include arrangements ranging from marketing arrangements and consulting
 agreements to medical director agreements with physicians who order our products. The Stark Law also prohibits billing for services
 rendered pursuant to a prohibited referral. Several states have enacted laws similar to the Stark Law. These state laws may cover
 all (not just Medicare and Medicaid) patients. Many federal healthcare reform proposals in the past few years have attempted to expand
 the Stark Law to cover all patients as well. If we violate the Stark Law, our financial results and operations could be adversely
 affected. Penalties for violations include denial of payment for the services, significant civil monetary penalties, and exclusion
 from the Medicare and Medicaid programs,

 The
 federal Physician Payments Sunshine Act (42 U.S.C. § 1320a–7h) requires certain manufacturers of drugs, devices, biologics,
 and medical supplies for which payment is available under Medicare, Medicaid or the Children's Health Insurance Program, with
 specific exceptions, to report annually to the Centers for Medicare & Medicaid Services information related to payments or other
 transfers of value made to physicians and teaching hospitals, as well as ownership and investment interests held by physicians and
 their immediate family members.

 At
present, our products and services are not reimbursable under any federal healthcare program. If, however, that changes in the future
and it were determined that we were not in compliance with these federal fraud, waste, and abuse laws, we would be subject to liability.

 Also,
as noted above, many states have similar laws and regulations, such as anti-kickback and false claims laws that may be broader in scope
and may apply regardless of payor, in addition to items and services reimbursed under Medicaid and other state programs. We may be subject
to such laws in Alabama and Georgia due to our joint venture operations in those states. The Georgia State False Medicaid Claims Act
(Ga. Code Ann. §§ 49-4-168 – 49-4-168.6), Georgia Medical Assistance Act false statements provision (Ga. Code Ann. §§
49-4-140 – 49-4-157), and Alabama Medicaid false statements statute (Ala. Code § 22-1-11(a)) contain prohibitions that are
analogous to the federal False Claims Act. Alabama law also includes an anti-kickback provision (Ala. Code § 22-1-11(c)) that is
analogous to the federal AKS.

 The
Georgia Patient Self-Referral Act of 1993 (Ga. Code Ann. §§ 43-1B-1 – 43-1B-8) contains prohibitions on self-referral
that are similar to those under the Stark Law, however, the Georgia law applies to additional classes of providers, including pharmacists,
and is not limited to items or services reimbursable by a federal healthcare program. The Georgia law prohibits health care providers
or entities regulated by the law from presenting any claim for payment to any individual, third-party payer, or other entity for a service
furnished pursuant to a prohibited referral.

 If
we are found in violation of applicable laws or regulations, we could suffer severe consequences that would have a material adverse effect
on our business, results of operations, financial condition, cash flows, reputation and stock price, including the following:

 suspension
 or termination of our participation in federal healthcare programs;

 criminal
 or civil liability, fines, damages or monetary penalties for violations of healthcare fraud and abuse laws, including the federal
 False Claims Act, CMPL, and AKS;

 repayment
 of amounts received in violation of law or applicable payment program requirements, and related monetary penalties;

 mandated
 changes to our practices or procedures that materially increase operating expenses;

 imposition
 of corporate integrity agreements that could subject us to ongoing audits and reporting requirements as well as increased scrutiny
 of our business practices;

 termination
 of various relationships or contracts related to our business; and

 harm
 to our reputation which could negatively affect our business relationships, decrease our ability to attract or retain patients and
 physicians, decrease access to new business opportunities and impact our ability to obtain financing, among other things.

 Responding
to lawsuits and other proceedings as well as defending ourselves in such matters would require management's attention and cause
us to incur significant legal expense. It is also possible that criminal proceedings may be initiated against us or individuals in our
business in connection with investigations by the federal government.

 Additionally,
to the extent that our product is sold or our services are provided in a foreign country, we may be subject to similar foreign laws.

 We
are subject to the requirements of the Health Insurance Portability and Accountability Act of 1996, the Health Information Technology
for Economic and Clinical Health Act of 2009 ("HITECH Act"), and related implementing regulations (together, "HIPAA"),
and failure to comply, including through a breach of protected health information ("PHI") could materially harm our business.

 HIPAA
established comprehensive federal protection for the privacy and security of health information. The HIPAA standards apply to three types
of organizations, or "Covered Entities": (1) health plans, (2) health care clearing houses, and (3) health care providers
who conduct certain health care transactions electronically. The HIPAA standards also apply to Covered Entities' "Business
Associates." Covered Entities and their Business Associates must have in place administrative, physical, and technical standards
to guard against the misuse of individually identifiable health information. The HITECH Act promotes the adoption and meaningful use
of health information technology. The HITECH Act addresses the privacy and security concerns associated with the electronic transmission
of health information, in part, through several provisions that strengthen the civil and criminal enforcement of the HIPAA rules. These
laws may impact our business in the future. INVO is currently a Business Associate of various Covered Entities. Failure to comply with
these confidentiality requirements, including via a breach of PHI, may result in penalties and sanctions.

 In
the ordinary course of our business, we may use, collect, and store sensitive data, including PHI. We face risks relative to protecting
this critical information, including loss of access risk, inappropriate disclosure risk, inappropriate modification risk, and the risk
of being unable to adequately monitor our controls. Our information technology and infrastructure may be vulnerable to attacks by hackers
or viruses or breached due to employee error, malfeasance or other disruptions. Any such breach or interruption could compromise our
networks and the information stored there could be accessed by unauthorized parties, publicly disclosed, lost or stolen. Any such access,
disclosure or other loss of information could result in legal claims or proceedings, liability under laws that protect the privacy of
personal information, such as HIPAA, and regulatory penalties. There is no guarantee that we can continue to protect our systems from
breach. Unauthorized access, loss, or dissemination could also disrupt our operations.

 The
U.S. Office of Civil Rights in the Department of Health and Human Services enforces the HIPAA privacy and security rules and may impose
penalties for failure to comply with requirements of HIPAA. Penalties vary significantly depending on factors such as whether failure
to comply was due to willful neglect. These penalties include civil monetary penalties of $100 to $50,000 per violation, up to an annual
cap of $1,500,000 for identical violations. A person who knowingly obtains or discloses individually identifiable health information
in violation of HIPAA may face a criminal penalty of up to $50,000 per violation and up to one-year imprisonment. The criminal penalties
increase to $100,000 per violation and up to five-years imprisonment if the wrongful conduct involves false pretenses, and to $250,000
per violation and up to 10-years imprisonment if the wrongful conduct involves the intent to sell, transfer, or use identifiable health
information for commercial advantage, personal gain, or malicious harm. The U.S. Department of Justice is responsible for criminal prosecutions
under HIPAA. Furthermore, in the event of a breach as defined by HIPAA, there are reporting requirements to the Office of Civil Rights
under the HIPAA regulations as well as to affected individuals, and there may also be additional reporting requirements to other state
and federal regulators, including the Federal Trade Commission, and to the media. Issuing such notifications can be costly, time and
resource intensive, and can generate significant negative publicity. Breaches of HIPAA may also constitute contractual violations, including
violation of the Company's Business Associate contracts with Covered Entities from which the Company receives PHI, that could lead
to contractual damages or terminations.

 We may be subject to risks related to changes in
laws regarding abortion, which can affect how a fertility clinic must treat and handle embryos

 In June 2022, the U.S. Supreme Court in Dobbs
v. Jackson Women's Health Organization overturned Roe v. Wade by holding that there is no constitutional right
to abortion. This ended federal legalization on abortion, bringing the matter back to individual states to determine. Soon after
the decision was handed down, several U.S. states adopted laws that drastically limited the availability of abortion, with a number of
other states working on or proposing similar restrictions. While we believe these actions are more targeted toward abortions during
pregnancy, certain laws may also impact embryos and how excess embryos are handled or implicate
fertility procedures and travel reimbursement programs, which may decrease the demand for, or availability of, certain fertility services.
Although President Biden issued executive orders and federal agencies have issued guidance intended to protect access to reproductive
healthcare services, the enactment of certain state laws restricting abortion care and other changes in laws, or in interpretation of
laws through court decisions, affecting fertility benefits may conflict with, and ultimately limit, the covered benefits offered by a
company to its employees and the types of fertility treatment services available at provider clinics. We cannot predict the timing or
impact of any future rulemaking, executive orders, court decisions or other changes in the law, or in how such laws, once enacted, would
be interpreted and enforced. This may negatively impact fertility clinics and their patients operating in those states with more
restrictive laws.

 If
we are unable to effectively adapt to changes in the healthcare industry, our business may be harmed.

 Federal,
state, and local legislative bodies frequently pass legislation and promulgate regulations relating to healthcare reform or that affect
the healthcare industry. As has been the trend in recent years, it is reasonable to assume that there will continue to be increased government
oversight and regulation of the healthcare industry in the future. We cannot predict the ultimate content, timing, or effect of any new
healthcare legislation or regulations, nor is it possible at this time to estimate the impact of potential new legislation or regulations
on our business. It is possible that future legislation enacted by Congress or state legislatures, or regulations promulgated by regulatory
authorities at the federal or state level, could adversely affect our business. It is also possible that the changes to federal healthcare
program reimbursements to providers who purchase our products or use our services may serve as precedent to possible changes in other
payors' reimbursement policies in a manner adverse to us. Similarly, changes in private payor reimbursements could lead to adverse
changes in federal healthcare programs, which could have a material adverse effect on our business, financial condition, cash flows,
and results of operations.

 There
can be no assurance that we will be able to successfully address changes in the current regulatory environment. Some of the healthcare
laws and regulations applicable to us are subject to limited or evolving interpretations, and a review of our business or operations
by a court, law enforcement, or a regulatory authority might result in a determination that could have a material adverse effect on us.
Furthermore, the healthcare laws and regulations applicable to us may be amended or interpreted in a manner that could have a material
adverse effect on our business, financial condition, cash flows and results of operations.

economic trends could adversely affect our financial performance.

 Economic
downturns and declines in consumption in the healthcare market may affect the levels of both our sales and profitability. If a downturn
in economic conditions occurs, or if there is deterioration in financial markets and major economies, our financial performance could
be adversely affected. The tightening of credit in financial markets may adversely affect the ability of our customers and suppliers
to obtain financing, which could result in a decrease in, or deferrals or cancellations of, the sale of our products and services. In
addition, weakening economic conditions may result in a decline in spending for ART and fertility assistance that could adversely affect
our business operations and liquidity. We are unable to predict the likely duration and severity of any disruption in the domestic and
global financial markets.

 Social
media platforms present risks and challenges.

 The
unauthorized use of certain social media vehicles could result in the improper collection and/or dissemination of personally identifiable
information causing brand damage and various legal implications. In addition, negative or inaccurate social media posts or comments about
us on any social networking site could damage our brand, reputation, and goodwill.

 Risks
Related to Our Common Stock

 If
we are unable to maintain compliance with all applicable continued listing requirements and standards of Nasdaq, our common stock will
be delisted from Nasdaq.

 Our
common stock is currently listed on Nasdaq. In order to maintain that listing, we must satisfy minimum financial and other continued
listing requirements and standards, including those regarding director independence and independent committee requirements, minimum stockholders'
equity, minimum share price, and certain corporate governance requirements.

 On
November 23, 2022, we received notice (the "Stockholders' Equity Notice") from The Nasdaq Stock Market LLC ("Nasdaq")
advising us that we were not in compliance with the minimum stockholders' equity requirement for continued listing on The Nasdaq
Capital Market. Nasdaq Listing Rule 5550(b)(1) requires companies listed on The Nasdaq Capital Market to maintain stockholders'
equity of at least $2,500,000 (the "Stockholders' Equity Requirement). In our Quarterly Report on Form 10-Q for the quarter
ended September 30, 2022, we reported stockholders' equity of $1,287,224, which is below the Stockholders' Equity Requirement
for continued listing. Additionally, as of the date of the Notice, we did not meet either of the alternative Nasdaq continued listing
standards under the Nasdaq Listing Rules, market value of listed securities of at least $35 million, or net income of $500,000 from continuing
operations in the most recently completed fiscal year, or in two of the three most recently completed fiscal years.

 The
Notice had no immediate effect on the listing of our common stock and our common stock continues to trade on The Nasdaq Capital Market
under the symbol "INVO" subject to our compliance with the other continued listing requirements.

to the Notice, Nasdaq gave us 45 calendar days, or until January 7, 2023, to submit to Nasdaq a plan to regain
compliance. We submitted our plan within the prescribed time and, on January 18, 2023, we received a letter from Nasdaq stating that
based on our submission that Nasdaq had determined to grant us an extension of time to regain compliance with the Equity Rule until May
22, 2023.

 On
May 23, 2023, we were notified by the Listing Qualifications department (the "Staff") of Nasdaq that, based upon the Company's
non-compliance with the $2.5 million stockholders' equity requirement for continued listing on The Nasdaq Global Market, as set
forth in the Equity Rule, as of May 22, 2023, the Company's common stock was subject to delisting from Nasdaq unless the Company
timely requested a hearing before the Nasdaq Hearings Panel (the "Panel"). We requested a hearing before the Panel, which
stayed any further action by Nasdaq at least until the hearing process was concluded and any extension that may be granted by the Panel
has expired.

 On
July 6, 2023, we had our hearing before the Panel at which time we provided the Panel our plan to regain compliance under the Equity
Rule. On July 27, 2023, we received a letter from the Panel under which they granted our request for continued listing of Nasdaq subject
to us demonstrating compliance with the Equity Rule as well as Nasdaq Listing Rule 5550(a)(2) to maintain a minimum bid price of $1
(the "Price Rule") on or before September 29. 2023. On September 27, 2023, the Panel agreed to extend the exception granted
as a result of our hearing to demonstrate compliance with Nasdaq Listing Rule 5550(b)(1), or the Equity Rule, from September 29, 2023
until November 20, 2023.

 On
November 19, 2023, the Company entered into the Share Exchange Agreement
with Cytovia for Cytovia's acquisition of 1,200,000 shares of the Company's newly designated Series B Preferred Stock in exchange
for 163,637 shares of common stock of NAYA held by Cytovia valued at $6,000,000 (the "Share Exchange"). On November 20, 2023,
the Company and Cytovia closed on the Share Exchange.

 As
a result of the Share Exchange and based on the reduction in net loss demonstrated in the Company's Form 10-Q for the quarter ended
September 30, 2023, the ongoing and further expected reduction in certain operating costs, including the end of research and development
expenses related to securing FDA clearance for the INVOcell label update, and profits from the operations of our previously-acquired
clinic, Wisconsin Fertility Institute, the Company believed its stockholders' equity was sufficient to maintain its Nasdaq listing.

all available evidence to evaluate the realizable value of its investment in the NAYA shares, including the financial condition and near-term
prospects of NAYA, the lack of marketability of the shares, and delays experienced with the interim funding commitments by NAYA, the Company
determined that it could not provide sufficient support to value the NAYA shares at $6 million and instead valued the shares at $2,172,000,
the quoted market value of INVO's common shares underlying the convertible preferred.

 On
November 22, 2023, the Company received a letter from Nasdaq confirming that the Company had regained compliance with the Equity Rule.
The letter further stated that in application of Listing Rule 5815(d)(4)(B), the Company would be subject to a mandatory panel monitor
for a period of one year from the date of the letter. If, within that one-year period, the Staff finds the Company again out of compliance
with the Equity Rule, notwithstanding Rule 5810(c)(2), the Company will not be permitted to provide the Staff with a plan of compliance
with respect to that deficiency and Staff will not be permitted to grant additional time for the Company to regain compliance with respect
to that deficiency, nor will the company be afforded an applicable cure or compliance period pursuant to Rule 5810(c)(3). Instead, the
Staff would issue a "delist determination letter" and the Company would have an opportunity to request a new hearing with
the initial Panel or a newly convened hearings panel if the initial Panel is unavailable. The Company would have the opportunity to respond/present
to the hearings panel as provided by Listing Rule 5815(d)(4)(C). The Company's securities may be at that time delisted from Nasdaq.

 If
we fail to maintain compliance with the Equity Rule as described above, or any other listing requirement of Nasdaq, our common stock
may be delisted from Nasdaq which could have a material adverse effect on our business, financial condition and results of
operations.

 Our
common stock is subject to risks arising from restrictions on reliance on Rule 144 by shell companies or former shell companies.

 Under
a SEC rule known as "Rule 144", a person who has beneficially owned restricted securities of an issuer and who is not an
affiliate of that issuer may sell them without registration under the Securities Act provided that certain conditions have been met.
 Rule 144 is unavailable for the resale of securities issued by an issuer that is a shell company or that has been at any time
previously a shell company. The SEC defines a shell company as a company that has no or nominal operations and either (i) no or nominal
assets, (ii) assets consisting solely of cash and cash equivalents, or (iii) assets consisting of any amount of cash and cash equivalents
and nominal other assets. We are a former shell company.

 The
SEC has provided an exception to this unavailability if and for as long as the following conditions are met: (a) the issuer of the securities
that was formerly a shell company has ceased to be a shell company; (b) the issuer of the securities is subject to the reporting requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended; (c) the issuer of the securities has filed all Exchange Act
reports and materials required to be filed, as applicable during the preceding 12 months, other than certain Current Reports on Form
8-K; and (d) at least one (1) year has elapsed form the time the issuer filed current comprehensive disclosure with the SEC reflecting
its status as an entity that it is not a shell company.

 Because
of our prior history as a shell company, stockholders who receive our restricted securities will only be able to sell them pursuant to
Rule 144 without registration for only as long as we continue to meet the requirements set forth above. No assurance can be given that
we will meet these requirements going forward. Furthermore, any non-registered securities we sell in the future or issue will have limited
or no liquidity until and unless such securities are registered with the SEC and/or until we comply with the foregoing requirements.

 As
a result, it may be harder for us to raise funding through the sale of debt or equity securities unless we agree to register such securities
with the SEC, which could require us to deploy additional resources. In addition, if we are unable to attract additional capital, it
could have an adverse impact on our ability to implement our business plan and/or sustain our operations. Our status as a former "shell
company" could prevent us from raising additional funds to develop additional technological advancements, which could cause the
value of our securities to decline in value.

 Our
directors have the right to authorize the issuance of shares of our preferred stock and additional shares of our common stock.

 Our
directors, within the limitations and restrictions contained in our articles of incorporation and without further action by our
shareholders, have the authority to issue shares of preferred stock from time to time in one or more series and to fix the number of
shares and the relative conversion and voting rights, and terms of redemption, liquidation preferences and any other preferences,
special rights and qualifications of any such series. While we have no intention of issuing additional shares of preferred stock at
the present time other than through existing contractual commitments, we may seek to raise capital through the sale of our securities and may issue shares of preferred stock in
connection with a particular investment. Any issuance of shares of preferred stock could adversely affect the rights of holders of
our common stock.

 Should
we issue additional shares of our common stock, each investor's ownership interest in our stock would be proportionally reduced.

 The
indemnification rights provided to our directors, officers, and employees may result in substantial expenditures by us and may discourage
lawsuits against its directors, officers, and employees.

 Our
articles of incorporation and applicable Nevada law provide for the indemnification of our directors, officers, employees. The foregoing
indemnification obligations could result in us incurring substantial expenditures to cover the costs of settlement or damage awards against
directors, officers and employees, which we may be unable to recoup. These provisions and resultant costs may also discourage us from
brining a lawsuit against out directors and officers for breaches of their fiduciary duties and may similarly discourage the filing of
derivative litigation by our stockholders against our directs or officer even though such actions, if successful, might otherwise benefit
us and our stockholders.

 Our
shares of common stock are thinly traded, and the price may not reflect our value; there can be no assurance that there will be an active
market for our shares now or in the future.

 We
have a trading symbol for our common stock ("INVO") and our common stock is currently listed on the Nasdaq Capital Market.

 Our
shares of common stock are thinly traded, and as such the price, if traded, may not reflect our value. There can be no assurance that
there will be an active market for our shares of common stock either now or in the future. The market liquidity will be dependent on,
among other things, the perception of our operating business and any steps that our management might take to bring us to the awareness
of investors. There can be no assurance given that there will be any awareness generated or, if given, that it will be positive.

 Consequently,
investors may not be able to liquidate their investment or may be able to liquidate it only at a price that does not reflect the value
of the business. If a more active market should develop, the price may be highly volatile. Due to the possibility of our common stock
being priced lower than its actual value, many brokerage firms may not be willing to effect transactions in the securities. Even if an
investor finds a broker willing to effect a transaction in the shares of our common stock, the combination of brokerage commissions,
transfer fees, taxes, if any, and any other selling costs may exceed the selling price.

 We
do not expect to pay any dividends to shareholders.

 To
date, we have never declared or paid any dividends to our stockholders. Our board of directors does not intend to distribute dividends
in the near future. The declaration, payment and amount of any future dividends will be made at the discretion of the board of directors,
and will depend upon, among other things, the results of our operations, cash flows and financial conditions, operating and capital requirements,
and other factors as the board of directors considers relevant. There is no assurance that future dividends will be paid to stockholders.
If dividends are paid to stockholders, there is no assurance with respect to the amount of any such dividend.

 Our
revenue and operating results could fluctuate significantly from quarter to quarter, which may cause our stock price to decline.

 Since
our inception, we have not generated significant revenue. Our results from year-to-year and from quarter-to-quarter have, and are expected
to continue to, vary significantly based on ordering cycles of distributors and partners. As a result, we expect period-to-period comparisons
of our operating results may not be meaningful as an indication of our future performance for any future period.

 We
may have difficulty raising the necessary capital to fund operations and the required $7.5 million in additional payments for the
Wisconsin Fertility acquisition because of the thin market and market price volatility for our shares of common
stock.

 Throughout
2023, there has been a thin market for our shares, and the market price for our shares has been volatile. In recent years, the securities
markets in the U.S. and around the world have experienced a high level of price and volume volatility, and the market price of securities
of many companies have experienced wide fluctuations that have not necessarily been related to the operations, performances, underlying
asset values or prospects of such companies. For these reasons, we expect our shares of common stock may also be subject to volatility
resulting from market forces over which we will have no control. The success of our products and services may be dependent upon our ability
to obtain additional financing through debt and equity or other means. The thin market for our shares, and the volatility in the market
price for our shares, may adversely affect our ability to raise needed additional capital.

 General
Risk Factors

 Shareholders
may be diluted significantly through our efforts to obtain financing and from issuance of additional shares of our common stock, including
such issuances of shares for services.

 To
satisfy certain financial obligations, we have issued and may continue to issue shares of our common stock and we have incurred and may
continue to incur debt, which may be convertible into shares of our common stock. We may attempt to raise capital by selling shares of
our common stock, possibly with warrants, which may be issued or exercised at a discount to the market price for our common stock. These
actions would result in dilution of the ownership interests of existing shareholders, and may further dilute the common stock book value,
and that dilution may be material. Such issuances may also serve to enhance existing management's ability to control us as the
shares may be issued to our officers, directors, new employees, or other related parties.

 We
are subject to the reporting requirements of U.S. federal securities laws, and complying with these reporting requirements can be expensive.

 We
are a public reporting company and accordingly subject to the information and reporting requirements of the Exchange Act, and other federal
securities laws, including compliance with the Sarbanes-Oxley Act of 2002. We are required to prepare and file annual and quarterly reports,
proxy statements and other information with the SEC and furnishing audited reports. Compliance with such reporting requirements is both
time-consuming and costly for us. We may need to hire additional financial reporting, internal control, and other finance personnel in
order to develop and implement appropriate internal controls and reporting procedures.

 In
addition, the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules implemented
by the SEC and the securities exchanges, require certain corporate governance practices for public companies. Our management and other
personnel have devoted and expect to continue to devote a substantial amount of time to public reporting requirements and corporate governance.
These rules and regulations have significantly increased our legal and financial compliance costs and made some activities more time-consuming
and costly. If these costs are not offset by increased revenues and improved financial performance, our financial condition and results
of operations may be materially adversely affected. These rules and regulations also make it more difficult and more expensive for us
to obtain director and officer liability insurance in the future. Additionally, we may be required to accept reduced policy limits and
coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to
attract and retain qualified personnel to serve on our board of directors or as executive officers.

 Failure
to comply with internal control attestation requirements could lead to loss of public confidence in our financial statements and negatively
impact our stock price.

to Section 404 of the Sarbanes-Oxley Act of 2002, we are required to conduct an annual management assessment of the effectiveness of
our internal controls over financial reporting. If we fail to timely develop our internal controls, and management is unable to make
this assessment, or, once required, if the independent registered public accounting firm cannot timely attest to this assessment, we
could be subject to regulatory sanctions. As a result, a loss of public confidence in our financial controls and the reliability of our
consolidated financial statements may develop ultimately negatively impacting our stock price and our ability to raise additional capital
when and as needed.

 Item
1B. Unresolved Staff Comments.

 None.

 Item
1C. Cybersecurity.

 Risk
management and strategy

 We
have not formally developed and implemented a cybersecurity risk management program. However, we generally follow operating practices
designed to help prevent cybersecurity risk to protect the confidentiality, integrity, and availability of the Company's data and
systems and any personal health information ("PHI") that we maintain.

 Our
general operating procedures for cybersecurity risk management are incorporated into our overall enterprise risk management programs,
and share common methodologies, reporting channels and governance processes, including the following:

 General
 procedures designed to help identify material cybersecurity risks to our critical systems,
 information, services, and our broader enterprise IT environment; and

 An
 outsourced IT security team to assist with managing (1) our cybersecurity procedures, (2)
 our security controls, and (3) our response to cybersecurity interests.

 As
of the date of this filing, we have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity
incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition.
We may face risks from cybersecurity threats that, if realized, are likely to materially affect us, including our operations, business
strategy, results of operations, or financial condition. For additional information, see Part I, Item 1A: Risk Factors—
Risks Relating to our Business: We are susceptible to cybersecurity breaches and cyber-related fraud.

 Cybersecurity:
Governance

 Our
executive team evaluates our cybersecurity risk and reports any findings, recommendations, or material impacts to the Board of Directors,
which provides an oversight function. The Board of Directors has charged management with the responsibility for oversight of cybersecurity
risks and incidents and any other risks and incidents relevant to the Company's computerized information system controls and security.

 Our
Corporate Controller reviews the efficacy of our cybersecurity procedures from time to time as circumstances make it appropriate and
annually in connection with the annual audit of the Company's financial statements. Our Corporate Controller reports to our
CEO and CFO on matters of cybersecurity, and together they carry responsibility for our overall cybersecurity risk management procedures.
Our CEO and CFO provide prompt reports to the Board regarding cybersecurity risks and incidents as they are revealed, as well as periodic
reports, as appropriate, regarding the Company's cybersecurity activities.

 Item
2. Properties

 We
currently do not own any real property and operate from leased facilities. Our principal executive office is located at 5582
Broadcast Court Sarasota, Florida 34240. The lease is for one 5-year term, with an option to extend for one 3-year term. We lease
approximately 1,223 square feet in the Sarasota facility, pursuant to a May 2019 lease with a 3% annual rent increase. In April
2024, we took the option to extend the lease on the Sarasota facility for three years. Our clinic, Wisconsin Fertility Institute, is
located at 3146 Deming Way, Middleton, Wisconsin. The lease is for a 10-year term with an automatic 5-year renewal period. We lease
approximately 9,680 square feet pursuant to a lease effective August 10, 2023 with a 3% annual rent increase. We believe that our
facilities are adequate to meet our needs.

 Item
3. Legal Proceedings

 The
Company is not currently subject to any material legal proceedings; however, it could be subject to legal proceedings and claims from
time to time in the ordinary course of its business, or legal proceedings it considered immaterial may in the future become material.
Regardless of the outcome, litigation can, among other things, be time consuming and expensive to resolve, and can divert management
resources.

 Item
4. Mine Safety Disclosures.

 Not
applicable.

 Part
II

 Item
5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Information

of our shares of our common stock is on the Nasdaq Capital Market under the symbol "INVO." Prior to November 12, 2020, our
common stock was traded on the OTC QB Venture Market tier of the over-the-counter ("OTC") market.

 As
of April 16, 2024, there were 2,743,031 shares of our common stock outstanding.

 Information
required with respect to equity compensation plans in this Item 5 is included in Item 11 on page 57 of this report on Form 10-K.

 Stockholders

 As
of April 16, 2024, there were approximately 191 stockholders of record of our common stock. However, we estimate that we have a significantly
greater number of beneficial holders of our common stock because a number of shares are held of record by broker-dealers for their customers
in street name.

 Dividend
Policy

 We
have never declared or paid a dividend on our common stock. We intend to retain future earnings (if any) to fund the development and
growth of our business, rather than to pay them as dividends, for the foreseeable future.

Sales of Unregistered Securities

 In
November 2023, the Company issued 7,500 shares of Common Stock to consultants in consideration of services rendered. These shares were
issued pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. The Company
did not receive any cash proceeds from this issuance.

 In
February 2024, the Company issued 125,500 shares of Common Stock to consultants in consideration of services rendered. These shares were
issued pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. The Company
did not receive any cash proceeds from this issuance.

 Purchase
of Equity Securities

 No
repurchase of equity securities were made during the 2023 fiscal year.

 Item
6. Reserved

 Item
7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 Forward-Looking
Statements

 This
discussion includes certain forward-looking statements about our business and our expectations, including statements relating to revenues,
international revenues, revenue growth rates, gross margin, operating expenses, amortization expense, earnings per share, available cash
and operating cash flow. Any such statements are subject to risk that could cause the actual results to vary materially from expectations.
For a further discussion of the various risks that may affect our business and expectations, see the section titled "Risk Factors"
contained in Item 1A of Part I of this Annual Report on Form 10-K. The risks and uncertainties discussed therein do not reflect the potential
future impact of any mergers, acquisitions or dispositions. In addition, any forward-looking statements represent our estimates only
as of the day this Annual Report was filed with the SEC and should not be relied upon as representing our estimates as of any subsequent
date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to
do so, even if our estimates change.

 Overview

 We are a healthcare services fertility company dedicated to expanding the assisted reproductive technology ("ART") marketplace
by making fertility care more accessible and inclusive to people around the world. Our commercial strategy is primarily focused on operating
fertility-focused clinics, which includes the opening of dedicated "INVO Centers" offering the INVOcell and IVC procedure
(with three centers in North America now operational) and the acquisition of US-based, profitable in vitro fertilization ("IVF")
clinics (with the first acquired in August 2023). We also continue to engage in the sale and distribution of our INVOcell technology solution
into existing independently owned and operated fertility clinics. While INVOcell remains important to our efforts, our commercial
and corporate development strategy has expanded to focus more broadly on providing ART services in general through our emphasis on clinic-based
operations. We anticipate furthering these activities with a focus on the acquisition of existing IVF clinics as well as on the opening
of dedicated "INVO Centers" offering the INVOcell and IVC procedure.

 Acquisitions:

 On
August 10, 2023, we consummated the first acquisition of an existing IVF
clinic, the Wisconsin Fertility Institute ("WFI"). As an established and profitable clinic, the closing of the WFI acquisition
more than tripled the Company's current annual revenues and became a major part of the Company's clinic-based operations.
The acquisition accelerates the transformation of INVO to a healthcare services company and immediately added scale and positive cash
flow to the operations. It also complements the Company's existing new-build INVO Center efforts. The Company expects to continue
to pursue additional acquisitions of established and profitable existing fertility clinics as part of its ongoing strategy to accelerate
overall growth.

 INVOcell:

 Our
proprietary technology, INVOcell, is a revolutionary medical device that allows fertilization and early embryo development to take
place in vivo within the woman's body. This treatment solution is the world's first intravaginal culture technique for the
incubation of oocytes and sperm during fertilization and early embryo development. This technique, designated as "IVC", provides
patients with a more natural, intimate, and more affordable experience in comparison to other ART treatments. We believe the IVC procedure
can deliver comparable results at a lower cost than traditional IVF and is a significantly more effective treatment than intrauterine
insemination ("IUI").

 Unlike
IVF where the oocytes and sperm develop into embryos in an expensive laboratory incubator, the INVOcell allows fertilization and early
embryo development to take place in the woman's body. The IVC procedure can provide benefits, including the following:

 Reducing
 expensive and time-consuming lab procedures, helping clinics and doctors to increase patient capacity and reduce costs;

 Providing
 a natural, stable incubation environment;

 Offering
 a more personal, intimate experience in creating a baby; and

 Reducing
 the risk of errors and wrong embryo transfers.

 In
both current utilization of the INVOcell, and in clinical studies, the IVC procedure has demonstrated equivalent pregnancy success and
live birth rates as IVF.

 Operations

 We
operate with a core internal team and outsource certain operational functions in order to help advance our efforts as well as reduce
fixed internal overhead needs and costs and in-house capital equipment requirements. Our most critical management and leadership functions
are carried out by our core management team. We have contracted out the manufacturing, assembly, packaging, labeling, and sterilization
of the INVOcell device to a medical manufacturing company and a sterilization specialist to perform the gamma sterilization process.

 To
date, we have completed a series of important steps in the successful development and manufacturing of the INVOcell:

 Manufacturing:
 We are ISO 13485:2016 certified and manage all aspects of production and manufacturing with qualified suppliers. Our key suppliers, which include NextPhase Medical Devices and Casco Bay Molding,
 have been steadfast partners since our company first began and can provide us with virtually an unlimited capability to support our
 growth objectives, with all manufacturing performed in the New England region of the U.S..

 Raw
 Materials: All raw materials utilized for the INVOcell are medical grade and commonly used in medical devices (e.g., medical
 grade silicone, medical grade plastic). Our principal molded component suppliers, Casco Bay Molding and R.E.C. Manufacturing Corporation are well-established
companies
 and are either ISO 13485 or ISO 9001 certified. The molded components are supplied to our contract manufacturer for assembly and
 packaging of the INVOcell system. The contract manufacturer is ISO 13485 certified, and U.S. Food & Drug Administration ("FDA")
 registered.

 CE
 Mark: INVO Bioscience received the CE Mark in October 2019. The CE Mark permits the sale of devices in Europe, Australia and
 other countries that recognize the CE Mark, subject to local registration requirements.

 US
 Marketing Clearance: the safety and efficacy of the INVOcell has been demonstrated and cleared for marketing and use by the FDA
 in November 2015.

 Clinical:
 in June 2023 we received FDA 510(k) clearance to expand the labeling on the INVOcell device and its indication for use to provide
 for a 5-day incubation period. The data supporting the expanded 5-day incubation clearance demonstrated improved patient outcomes.

Opportunity

 The
global ART marketplace is a large, multi-billion industry growing at a strong pace in many parts of the world as increased infertility
rates, increased patient awareness, acceptance of treatment options, and improving financial incentives such as insurance and governmental
assistance continue to drive demand. According to the European Society for Human Reproduction 2020 ART Fact Sheet, one in six couples
worldwide experience infertility problems. Additionally, the worldwide market remains vastly underserved as a high percentage of patients
in need of care continue to go untreated each year for many reasons, but key among them are capacity constraints and cost barriers. While
there have been large increases in the use of IVF, there are still only approximately 2.6 million ART cycles, including IVF, IUI and
other fertility treatments, performed globally each year, producing around 500,000 babies. This amounts to less than 3% of the infertile
couples worldwide being treated and only 1% having a child though IVF. The industry remains capacity constrained which creates challenges
in providing access to care to the volume of patients in need. A survey by "Resolve: The National Infertility Association,"
indicates the two main reasons couples do not use IVF is cost and geographical availability (and/or capacity).

 In
the United States, infertility, affects an estimated 10%-15% of the couples
of childbearing-age, according to the American Society of Reproductive Medicine (2017). According to the Centers for Disease Control ("CDC"),
there are approximately 6.7 million women with impaired fertility. Based on 2021 data from CDC's National ART Surveillance System,
approximately 413,000 IVF cycles were performed at 453 IVF centers, leaving the U.S. with a large, underserved patient population, similar
to most markets around the world.

 As
part of its expanded corporate expansion efforts the Company has incorporated an acquisition strategy to the business. The Company estimates
that there are approximately 80 to 100 established owner-operated IVF clinics that may represent suitable acquisitions as part of this
additional commercial effort.

 Competitive
Advantages of INVOcell

 While our commercial efforts have expanded to clinic services within the ART market, we also continue to believe that our INVOcell device,
and the IVC procedure it enables, have the following key advantages:

 Lower
cost than IVF with equivalent efficacy. The IVC procedure can be offered for less than IVF due to lower cost of supplies, labor,
capital equipment and general overhead. The laboratory equipment needed to perform an IVF cycle is expensive and requires ongoing costs
as compared to what is required for an IVC cycle. As a result, we also believe INVOcell and the IVC procedure enable a clinic and its
laboratory to be more efficient as compared to conventional IVF.

 The
IVC procedure is currently being offered at several IVF clinics at a price range of $5,000 - $11,000 per cycle and from $4,500 to $7,000
at the existing INVO Centers, thereby making it more affordable than IVF (which tends to average $11,000 to $15,000 per cycle or higher).

 Improved
efficiency providing for greater capacity and improved access to care and geographic availability. In many parts of the world, including
the U.S., IVF clinics tend to be concentrated in higher population centers and are often capacity constrained in terms of how many patients
a center can treat, since volume is limited by the number of capital-intensive incubators available in IVF clinic labs. With the significant
number of untreated patients along with the growing interest and demand for services, the industry remains challenged to provide sufficient
access to care and to do so at an economical price. We believe INVOcell and the IVC procedure it enables can play a significant role
in helping to address these challenges. According to the 2020 CDC Report, there are approximately 449 IVF centers in the U.S. We estimate
that by adopting the INVOcell, IVF clinics can increase fertility cycle volume by up to 30% without adding to personnel, space and/or
equipment costs. Our own INVO Centers also address capacity constraints by adding to the overall ART cycle capacity and doing so with
comparable efficacy to IVF outcomes as well as at a lower per cycle price. Moreover, we believe that we are uniquely positioned to drive
more significant growth in fertility treatment capacity in the future by partnering with existing OB/GYN practices. In the U.S., there
are an estimated 5,000 OB/GYN offices, many of which offer fertility services (usually limited to consultation and IUI, but not IVF).
Since the IVC procedure requires a much smaller lab facility, less equipment and fewer lab personnel (in comparison to conventional IVF),
it could potentially be offered as an extended service in an OB/GYN office. With proper training and a lighter lab infrastructure, the
INVOcell could expand the business for these physicians and allow them to treat patients that are unable to afford IVF and provide patients
with a more readily accessible, convenient, and cost-effective solution. With our three-pronged strategy (IVF clinics, INVO Centers and
OB/GYN practices), in addition to lowering costs, we believe INVOcell and the IVC procedure can address our industry's key challenges,
capacity and cost, by their ability to expand and decentralize treatment and increase the number of points of care for patients in need.
This powerful combination of lower cost and added capacity has the potential to open up access to care for underserved patients around
the world.

 Greater
patient involvement. With the IVC procedure, the patient uses their own body for fertilization, incubation, and early embryo development
which creates a greater sense of involvement, comfort, and participation. In some cases, this may also free people from barriers related
to ethical or religious concerns, or fears of laboratory mix-ups.

Sales and Marketing

 Our
approach to market is focused on identifying partners within targeted geographic regions that we believe can best support our efforts
to expand access to advanced fertility treatment for the large number of underserved infertile people hoping to have a baby. We believe
that the INVOcell-based IVC procedure is an effective and affordable treatment option that greatly reduces the need for more expensive
IVF lab facilities and allows providers to pass on related savings to patients without compromising efficacy. We have been cleared to
sell the INVOcell in the United States since November 2015 after receiving de novo class II clearance from the FDA. Our primary focus
over the past two years has been on establishing INVO Centers in the U.S. and abroad to promote the INVOcell and the IVC procedure and
acquiring existing U.S.-based IVF clinics where we can integrated the INVOcell. While we continue selling the INVOcell directly to IVF
clinics and via distributors and other partners around the world, we have transitioned INVO from being a medical device company to one
that is mostly focused on providing fertility services.

 International
Distribution Agreements

 We
have entered into exclusive distribution agreements for a number of international markets. These agreements usually have an initial term
with renewal options and require the distributors to meet minimum annual purchases, which vary depending on the market. We are also required
to register the product in each market before the distributor can begin importing, a process and timeline that can vary widely depending
on the market.

 The
following table sets forth a list of our current international distribution agreements:

 Distribution
 Partner

 Date

 Initial
 Term

 Status
 in Country

 (a)

 Sept
 2020

 TBD

 Malaysia

 iDS
 Medical Systems

 Nov
 2020

 3-year

 Pakistan

 Galaxy
 Pharma

 Dec
 2020

 In

 Thailand

 IVF
 Envimed Co., Ltd.

 April
 2021

 Sudan

 Sept
 2020

 In

 Ethiopia

 Sept
 2020

 In

 Uganda

 Sept
 2020

 Not
 required

 Nigeria

 G-Systems
 Limited

 Sept
 2020

 5-year

 Iran

 Tasnim
 Behboud

 Dec
 2020

 Sri
 Lanka

 Alsonic
 Limited

 July
 2021

 On hold

 China

 Onesky
 Holdings Limited

 May
 2022

 5-year

 In

 (a)

 Our
 Mexico JV. Please note that the registration is temporarily in the name of Proveedora de Equipos y Productos, S.A. de C.V. and will
 be transferred to Positib Fertility as soon as practicable.

 Investment
in Joint Ventures and Partnerships

 As
part of our commercialization strategy, we entered into a number of joint ventures and partnerships designed to establish new INVO Centers.

 The
following table sets forth a list of our current joint venture arrangements:

 Affiliate Name

 Country

 Percent (%)
 Ownership

 HRCFG INVO, LLC

 United States

 %

 Bloom Invo, LLC

 United States

 %

 Positib Fertility, S.A. de C.V.

 %

 Alabama

 On
March 10, 2021, our wholly owned subsidiary, INVO Centers, LLC ("INVO CTR"), entered into a limited liability company agreement
with HRCFG, LLC ("HRCFG") to form a joint venture for the purpose of establishing an INVO Center in Birmingham, Alabama.
The name of the joint venture LLC is HRCFG INVO, LLC (the "Alabama JV"). The responsibilities of HRCFG's principals
include providing clinical practice expertise, performing recruitment functions, providing all necessary training, and providing day-to-day
management of the clinic. The responsibilities of INVO CTR include providing certain funding to the Alabama JV and providing access to
and being the exclusive provider of the INVOcell to the Alabama JV. INVO CTR will also perform all required, industry specific compliance
and accreditation functions, and product documentation for product registration.

 The
Alabama JV opened to patients on August 9, 2021.

 The
Alabama JV is accounted for using the equity method in our consolidated financial statements. As of December 31, 2023 we invested $1.4
million in the Alabama JV in the form of a note. For the years ended December 31, 2023 and 2022, the Alabama JV recorded net losses of
$0.03 million and $0.3 million, respectively, of which we recognized losses from equity method investments of $0.02 million and $0.2
million, respectively.

 Georgia

 On
June 28, 2021, INVO CTR entered into a limited liability company agreement (the "Bloom Agreement") with Bloom Fertility,
LLC ("Bloom") to establish a joint venture entity, formed as "Bloom INVO LLC" (the "Georgia JV"),
for the purposes of commercializing INVOcell, and the related IVC procedure, through the establishment of an INVO Center, (the "Atlanta
Clinic") in the Atlanta, Georgia metropolitan area.

 In
consideration for INVO's commitment to contribute up to $800,000 within the 24-month period following execution of the Bloom Agreement
to support the start-up operations of the Georgia JV, the Georgia JV issued 800 of its units to INVO CTR and in consideration for Bloom's
commitment to contribute physician services having an anticipated value of up to $1,200,000 over the course of a 24-month vesting period,
the Georgia JV issued 1,200 of its units to Bloom.

 The
responsibilities of Bloom include providing all medical services required for the operation of the Atlanta Clinic. The responsibilities
of INVO CTR include providing certain funding to the Georgia JV, lab services quality management, and providing access to and being the
exclusive provider of the INVOcell to the Georgia JV. INVO CTR will also perform all required, industry specific compliance and accreditation
functions, and product documentation for product registration.

 The
Georgia JV opened to patients on September 7, 2021.

 The
results of the Georgia JV are consolidated in our financial statements. As of December 31, 2023, INVO invested $0.9 million in the Georgia
JV in the form of capital contributions as well as $0.5 million in the form of a note. For the years ended December 31, 2023 and 2022,
the Georgia JV recorded net losses of $0.2 million and $0.6 million, respectively. Noncontrolling interest in the Georgia JV was $0.
See Note 3 of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional information
on the Georgia JV.

 Effective
September 24, 2020, INVO CTR entered into a Pre-Incorporation and Shareholders Agreement with Francisco Arredondo, MD PLLC ("Arredondo")
and Security Health LLC, a Texas limited liability company ("Ramirez", and together with INVO CTR and Arredondo, the "Shareholders")
under which the Shareholders will commercialize the IVC procedure and offer related medical treatments in Mexico. Each party owns one-third
of the Mexican incorporated company, Positib Fertility, S.A. de C.V. (the "Mexico JV").

 The
Mexico JV will operate in Monterrey, Nuevo Leon, Mexico and any other cities and places in Mexico as approved by the Mexico JV's
board of directors and Shareholders. In addition, the Shareholders agreed that the Mexico JV will be our exclusive distributor in Mexico.
The Shareholders also agreed not to compete directly or indirectly with the Mexico JV in Mexico.

 The
Mexico JV opened to patients on November 1, 2021.

 The
Mexico JV is accounted for using the equity method in our consolidated financial statements. As of December 31, 2023, INVO invested $0.1
million in the Mexico JV. For the years ended December 31, 2023 and 2022, the Mexico JV recorded net losses of $0.1 million and $0.1
million, respectively, of which we recognized losses from equity method investments of $0.04 million and $0.05 million, respectively.

 During the fourth quarter of 2023, our Mexico JV partner informed us that the primary physician onsite had resigned. We have elected to
impair the investment at year end 2023 in this JV due to the uncertainty and possibility that we may offer reduced services or suspend
operations. The total impairment for 2023 was approximately $0.09 million.

 Terminated
JV Agreements

 As
of May 15, 2023, our joint venture agreements to establish INVO Centers in the Republic of North Macedonia and in the Bay Area of California were
terminated due to lack of progress.

Developments

 NAYA
Biosciences Merger Agreement

 On
October 22, 2023, the Company, INVO Merger Sub Inc., a wholly owned subsidiary of the Company and a Delaware corporation ("Merger
Sub"), and NAYA Biosciences, Inc., a Delaware corporation ("NAYA"), entered into an Agreement and Plan of Merger, as
amended on October 25, 2023 (the "Merger Agreement").

 Upon
the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge (the "Merger") with and
into NAYA, with NAYA continuing as the surviving corporation and a wholly owned subsidiary of the Company.

 At
the effective time and as a result of the Merger, each share of Class A common stock, par value $0.000001 per share, of NAYA (the "NAYA
common stock") outstanding immediately prior to the effective time of the Merger, other than certain excluded shares held by NAYA
as treasury stock or owned by the Company or Merger Sub, will be converted into the right to receive 7.33333 (subject to adjustment as
set forth in the Merger Agreement) shares of a newly designated series of common stock, par value $0.0001 per share, of the Company which
shall be entitled to ten (10) votes per each share ("Company Class B common stock") for a total of approximately 18,150,000
shares of the Company (together with cash proceeds from the sale of fractional shares, the "Merger Consideration").

 Immediately
following the effective time of the Merger, Dr. Daniel Teper, NAYA's current chairman and chief executive officer, will be named
chairman and chief executive officer of the Company, and the board of directors will be comprised of at least seven (7) directors, of
which (i) one shall be Steven Shum, the Company's current chief executive officer, and (ii) six shall be identified by NAYA, of
which four (4) shall be independent directors.

 The
completion of the Merger is subject to satisfaction or waiver of certain customary mutual closing conditions, including (1) the adoption
of the Merger Agreement by the stockholders of the Company and NAYA, (2) the absence of any injunction or other order issued by a court
of competent jurisdiction or applicable law or legal prohibition prohibiting or making illegal the consummation of the Merger, (3) the
completion of due diligence, (4) the completion of an interim private offering of shares of Company common stock at a price that is a
premium to the market price of the Company common stock in an estimated amount of $5,000,000 or more of gross proceeds, (5) the aggregate
of the liabilities of the Company, excluding certain specified liabilities, shall not exceed $5,000,000, (6) the receipt of waivers from
any and all holders of warrants (and any other similar instruments) to securities of the Company, with respect to any fundamental transaction
rights such warrant holders may have under any such warrants, (7) the continued listing of the Company common stock on NASDAQ through
the effective time of the Merger and the approval for listing on NASDAQ of the shares of the Company common stock to be issued in connection
with the Merger, the interim private offering, and a private offering of shares of Company common stock at a target price of $5.00 per
share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization
with respect to the Company common stock) resulting in sufficient cash available for the Company for one year of operations, as estimated
by NAYA, (8) the effectiveness of a registration statement on Form S-4 to be filed by the Company pursuant to which the shares of Company
common stock to be issued in connection with the Merger will be registered with the SEC, and the absence of any stop order suspending
such effectiveness or proceeding for the purpose of suspending such effectiveness being pending before or threatened by the SEC, and
(9) the Company shall have received customary lock-up Agreement from certain Company stockholders. The obligation of each party to consummate
the Merger is also conditioned upon (1) the other party having performed in all material respects its obligations under the Merger Agreement
and (2) the other party's representations and warranties in the Merger Agreement being true and correct (subject to certain materiality
qualifiers); provided, however, that these conditions, other than with respects to certain representations and warranties, will be deemed
waived by the Company upon the closing of the interim private offering.

 The
Merger Agreement contains termination rights for each of the Company and NAYA, including, among others: (1) if the consummation of
the Merger does not occur on or before December 31, 2023 (the "End Date"), (which has since been extended to April 30,
20204), except that any party whose material breach of the Merger Agreement caused or was the primary contributing factor that
resulted in the failure of the Merger to be consummated on or before the End Date, (2) if any governmental authority has enacted any
law or order making illegal, permanently enjoining, or otherwise permanently prohibiting the consummation of the Merger, and (3) if
the required vote of the stockholders of either the Company or NAYA has not been obtained. The Merger Agreement contains additional
termination rights for NAYA, including, among others: (1) if the Company materially breaches its non-solicitation obligations or
fails to take all action necessary to hold a stockholder meeting to approve the transactions contemplated by the Merger Agreement,
(2) if the aggregate of the liabilities of the Company, excluding certain specified liabilities, exceed $5,000,000, (3) if NAYA
determines that the due diligence contingency will not be satisfied by October 26, 2023, (4) if NAYA determines that the Company has
experienced a material adverse effect, or (5) the Company material breaches any representation, warranty, covenant, or agreement
such that the conditions to closing would not be satisfied and such breach is incapable of being cured, unless such breach is caused
by NAYA's failure to perform or comply with any of the covenants, agreements or conditions hereof to be performed or complied
with by it prior to the closing.

 If
all of NAYA's conditions to closing are satisfied or waived and NAYA fails to consummate the Merger, NAYA would be required to
pay the Company a termination fee of $1,000,000. If all of the Company's conditions to closing conditions are satisfied or waived
and the Company fails to consummate the Merger, the Company would be required to pay NAYA a termination fee of $1,000,000.

 On
December 27, 2023, the Company entered into second amendment ("Second
Amendment") to the Merger Agreement. Pursuant to the Second Amendment, the parties agreed to extend the End Date to April 30, 2024.
The parties further agreed to modify the closing condition for the Interim Pipe from a private offering of shares of Company common stock
at a price that is a premium to the market price of the Company common stock in an estimated amount of $5,000,000 or more of gross proceeds
to a private offering of the Company's preferred stock at a price per share of $5.00 per share in an amount equal to at least $2,000,000
to the Company, plus an additional amount as may be required prior to closing of the Merger to be determined in good faith by the parties
to adequately support the Company's fertility business activities per an agreed forecast, as well as for a period of twelve (12)
months post-closing including a catch-up on the Company's past due accrued payables still outstanding. The parties further agreed
to the following schedule (the "Minimum Interim Pipe Schedule") for the initial $2,000,000: (1) $500,000 no later than December
29, 2023, (2) $500,000 no later than January 19, 2024, (3) $500,000 no later than February 2, 2024, and (4) $500,000 no later than February
16, 2024. The parties also further agreed to modify the covenant of the parties regarding the Interim Pipe to require NAYA to consummate
the Interim Pipe before the closing of the Merger; provided, however, if the Company does not receive the initial gross proceeds pursuant
to the Minimum Interim Pipe Schedule, the Company shall be free to secure funding from third parties to make up for short falls on reasonable
terms under SEC and Nasdaq regulations.

 NAYA

 On
December 29, 2023, the Company entered into a securities
purchase agreement (the "SPA") with NAYA for NAYA's purchase of 1,000,000 shares of the Company's Series A Preferred
Stock at a purchase price of $5.00 per share. The parties agreed that NAYA's purchases will be made in tranches in accordance with
the Minimum Interim Pipe Schedule. The SPA contains customary representations, warranties
and covenants of the Company and NAYA.

 On January 4, 2024, the Company and NAYA closed on 100,000 shares of Series A Preferred Stock in
the first tranche of this private offering for gross proceeds of $500,000. On April 15, 2024, the
Company and NAYA closed on additional 61,200 shares of Series A Preferred Stock for additional gross proceeds of $306,000.

 Wisconsin
Fertility Institute Acquisition

 On
August 10, 2023, INVO, through Wood Violet Fertility LLC, a Delaware limited liability company ("WVF") and wholly owned
subsidiary of INVO CTR, consummated its acquisition of WFI for a combined purchase price of $10 million, of which $2.5 million was paid
on the closing date (net cash paid was $2,150,000 after a $350,000 holdback) plus assumption of the inter-company loan owed by WFRSA
(as defined below) in the amount of $528,756. The remaining three installments of $2.5 million each will be paid on the subsequent three
anniversaries of closing. The sellers have the option to take all or a portion of the final three installments in shares of INVO common
stock valued at $125.00, $181.80, and $285.80, for the second, third, and final installments, respectively.

 WFI
is comprised of (a) a medical practice, Wisconsin Fertility and Reproductive Surgery Associates, S.C., a Wisconsin professional service
corporation d/b/a Wisconsin Fertility Institute ("WFRSA"), and (b) a laboratory services company, Fertility Labs of Wisconsin,
LLC, a Wisconsin limited liability company ("FLOW"). WFRSA owns, operates and manages WFI's fertility practice that
provides direct treatment to patients focused on fertility, gynecology and obstetrics care and surgical procedures, and employs physicians
and other healthcare providers to deliver such services and procedures. FLOW provides WFRSA with related laboratory services.

 INVO
purchased the non-medical assets of WFRSA and one hundred percent of FLOW's membership interests. WVF and WFRSA entered into
a management services agreement pursuant to which WFRSA outsourced all its non-medical activities to WVF.

 On
April 5, 2024, the Company entered into a purchase agreement (the "FirstFire Purchase Agreement") with FirstFire Global Opportunities
Fund, LLC ("FirstFire"), pursuant to which FirstFire agreed to purchase, and the Company agreed to issue and sell, (i) a
promissory note with an aggregate principal amount of $275,000.00, which is convertible into shares of the Company's common stock,
according to the terms, conditions, and limitations outlined in the note (the "FirstFire Note"), (ii) a warrant (the "First
Warrant") to purchase 229,167 shares (the "First Warrant Shares") of the Company's common stock at an exercise
price of $1.20 per share, (iii) a warrant (the "Second Warrant") to purchase 500,000 shares (the "Second Warrant Shares")
of common stock at an exercise price of $0.01 issued to FirstFire, and (iv) 50,000 shares of common stock (the "Commitment Shares"),
for a purchase price of $250,000. Carter, Terry, & Company, Inc. acted as placement agent for the transaction, for which it received
a cash fee of $25,000. The proceeds are being used for working capital and general corporate purposes.

 Among
other limitations, the total cumulative number of shares of common stock that may be issued to FirstFire under the FirstFire Purchase
Agreement may not exceed the requirements of Nasdaq Listing Rule 5635(d), except that such limitation will not apply in the event the
Company obtains stockholder approval of the shares of common stock to be issued under the Purchase Agreement, if necessary, in accordance
with the requirements of Nasdaq Listing Rule 5635(d). The Company has agreed to hold a meeting for the purpose of obtaining this stockholder
approval within nine (9) months of the date of the FirstFire Purchase Agreement.

 The
FirstFire Purchase Agreement contains customary representations, warranties, and covenants by each of the Company and FirstFire. Among
other covenants of the parties, the Company granted FirstFire the right to participate in any subsequent placement of securities until
the earlier of eighteen (18) months after the date of the FirstFire Purchase Agreement or extinguishment of the FirstFire Note. The Company
has also granted customary "piggy-back" registration rights to FirstFire with respect to the shares of common stock underlying
the FirstFire Note (the "Conversion Shares"), the First Warrant Shares, the Second Warrant Shares, and the Commitment Shares.
FirstFire has covenanted not to cause or engage in any
short selling of shares of common stock until the FirstFire Note is fully repaid.

 The
following sets forth the material terms of the FirstFire Note, the First Warrant, and the Second Warrant.

Note

and Maturity. The FirstFire Note carries an interest rate of twelve percent (12%) per annum, with the first twelve months of interest,
amounting to $33,000.00, guaranteed, and fully earned as of the issue date. The maturity date of the FirstFire Note is twelve (12) months
from the issue date, at which point the Principal Amount, together with any accrued and unpaid interest and other fees, shall be due
and payable to the holder of the FirstFire Note.

 Conversion.
The holder of the FirstFire Note is entitled to convert any portion of the outstanding and unpaid principal amount and accrued interest
into Conversion Shares at a conversion price of $1.00 per share, subject to adjustment. The FirstFire Note may not be converted and Conversion
Shares may not be issued under the FirstFire Note if, after giving effect to the conversion or issuance, the holder together with its
affiliates would beneficially own in excess of 4.99% of the outstanding common stock. In addition to the beneficial ownership limitations
in the FirstFire Note, the number of shares of common stock that may be issued under the FirstFire Note, the First Warrant, the Second
Warrant, and under the FirstFire Purchase Agreement (including the Commitment Shares) is limited to 19.99% of the outstanding common
stock as of April 5, 2024 (the "Exchange Cap", which is equal to 523,344 shares of common stock, subject to adjustment as
described in the FirstFire Purchase Agreement), unless stockholder approval is obtained by the Company to issue more than the Exchange
Cap. The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse
stock split or other similar transaction.

 Prepayment.
The Company may prepay the FirstFire Note at any time in whole or in part by paying a sum of money equal to 110% of the sum of the principal
amount to be redeemed plus the accrued and unpaid interest.

Proceeds. While any portion of the FirstFire Note is outstanding, if the Company receives cash proceeds of more than $1,500,000 from
any source or series of related or unrelated sources, or more than $1,000,000 from any public offering (the "Minimum Threshold"),
the Company shall, within one (1) business day of Company's receipt of such proceeds, inform FirstFire of such receipt, following
which FirstFire shall have the right in its sole discretion to require the Company to immediately apply up to 100% of all proceeds received
by the Company above the Minimum Threshold to repay the outstanding amounts owed under the FirstFire Note.

 Covenants.
The Company is subject to various covenants that restrict its ability to, among other things, declare dividends, make certain investments,
sell assets outside the ordinary course of business, or enter into transactions with affiliates, thereby ensuring the Company operational
and financial activities are conducted in a manner that prioritizes the repayment of the FirstFire Note.

 Events
of Default. The FirstFire Note outlines specific events of default and provides FirstFire certain rights and remedies in such events,
including but not limited to the acceleration of the FirstFire Note's due date and a requirement for the Company to pay a default
amount. Specific events that constitute a default under the FirstFire Note include, but are not limited to, failure to pay principal
or interest when due, breaches of covenants or agreements, bankruptcy or insolvency events, and a failure to comply with the reporting
requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Upon an event of default, the FirstFire
Note becomes immediately due and payable, and the Borrower is subject to a default sum as stipulated.

 The
FirstFire Note is subject to, and governed by, the terms and conditions of the FirstFire Purchase Agreement.

 First

 The
First Warrant grants the holder thereof the right to purchase up to 229,167 shares of common stock at an exercise price of $1.20 per

The First Warrant is be immediately exercisable and will expire five years from the issuance date. The First Warrant is exercisable,
at the option of the holder, in whole or in part, by delivering to the Company a duly executed exercise notice and, at any time a registration
statement registering the issuance of the First Warrant Shares under the Securities Act of 1933, as amended (the "Securities Act")
is effective and available for the issuance of such First Warrant Shares, or an exemption from registration under the Securities Act
is available for the issuance of such First Warrant Shares, by payment in full in immediately available funds for the number of First
Warrant Shares purchased upon such exercise. If a registration statement registering the issuance of the First Warrant Shares underlying
the First Warrant under the Securities Act is not effective or available, the holder may, in its sole discretion, elect to exercise the
First Warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of First Warrant
Shares determined according to the formula set forth in the First Warrant.

Limitation. A holder will not have the right to exercise any portion of the First Warrant if the holder (together with its affiliates)
would beneficially own in excess of 4.99% of the number of shares of the common stock outstanding immediately after giving effect to
the exercise, as such percentage ownership is determined in accordance with the terms of the First Warrant.

Market Regulation. Until the Company has obtained stockholder approval of the FirstFire Purchase Agreement and the issuance of the
securities issued pursuant thereto, the Company may not issue any First Warrant Shares upon the exercise of the First Warrants if the
issuance of such First Warrant Shares, (taken together with the issuance of any shares held by or issuable to the holder under the FirstFire
Purchase Agreement or any other agreement with the Company) would exceed the aggregate number of shares which the Company may issue without
breaching 523,344 shares (19.9% of the Company's outstanding common stock) or any of the Company's obligations under the

Price Adjustment. Subject to the aforementioned limitations, the exercise price of the First Warrant is subject to appropriate adjustment
in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting
the common stock, upon any distributions of assets, including cash, stock or other property to our stockholders, and if we issue additional
shares of common stock at a price per share that is less than the exercise price then in effect.

Transactions. The Company shall not enter into or be a party to a fundamental transaction unless the successor entity assumes all
obligations of the Company under the First Warrant and other transaction documents. Upon consummation of a fundamental transaction, then
the successor entity will succeed to, and be substituted for the Company, and may exercise every right and power that the Company may
exercise and will assume all of the Company's obligations under the First Warrant with the same effect as if such successor entity
had been named in the First Warrant itself.

as a Stockholder. Except as otherwise provided in the First Warrant or by virtue of such holder's ownership of shares of common
stock, the holder of the First Warrant will not have the rights or privileges of a holder of common stock, including any voting rights,
until the holder exercises the First Warrant.

 Second

 The
Second Warrant grants the holder thereof the right to purchase up to 500,000 shares of common stock at an exercise price of $0.01 per

The Second Warrant will only become exercisable on the specific Triggering Event Date, which is the date that an Event of Default occurs
under the Note, and will expire five years from such date. The Second Warrant includes a 'Returnable Warrant' clause, providing
that the Second Warrant shall be cancelled and returned to the Company if the Note is fully extinguished before any Triggering Event
Date. The Second Warrant will be exercisable, at the option of each holder, in whole or in part by delivering to the Company a duly executed
exercise notice and, at any time a registration statement registering the issuance of the Second Warrant Shares under the Securities
Act is effective and available for the issuance of such Second Warrant Shares, or an exemption from registration under the Securities
Act is available for the issuance of such shares, by payment in full in immediately available funds for the number of Second Warrant
Shares purchased upon such exercise. If a registration statement registering the issuance of Second Warrant Shares under the Securities
Act is not effective or available, the holder may, in its sole discretion, elect to exercise the Second Warrant through a cashless exercise,
in which case the holder would receive upon such exercise the net number of Second Warrant Shares determined according to the formula
set forth in the warrant.

Limitation. A holder will not have the right to exercise any portion of the Second Warrant if the holder (together with its affiliates)
would beneficially own in excess of 4.99% of the number of shares of the common stock outstanding immediately after giving effect to
the exercise, as such percentage ownership is determined in accordance with the terms of the Second Warrant.

Market Regulation. Until the Company has obtained stockholder approval of the FirstFire Purchase Agreement and the issuance of the
securities issued pursuant thereto, the Company may not issue any Second Warrant Shares upon the exercise of the Second Warrants if the
issuance of such Second Warrant Shares, (taken together with the issuance of any shares held by or issuable to the holder under the FirstFire
Purchase Agreement or any other agreement with the Company) would exceed the aggregate number of shares which the Company may issue without
breaching 523,344 shares (19.9% of the Company's outstanding common stock) or any of the Company's obligations under the

Price Adjustment. Subject to the aforementioned limitations, the exercise price of the Second Warrant is subject to appropriate adjustment
in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting
the common stock, upon any distributions of assets, including cash, stock or other property to our stockholders, and if we issue additional
shares of common stock at a price per share that is less than the exercise price then in effect.

Transactions. The Company shall not enter into or be a party to a fundamental transaction unless the successor entity assumes all
obligations of the Company under the Second Warrant and other transaction documents. Upon consummation of a fundamental transaction,
then the successor entity will succeed to, and be substituted for the Company, and may exercise every right and power that the Company
may exercise and will assume all of the Company's obligations under the Second Warrant with the same effect as if such successor
entity had been named in the Second Warrant itself.

as a Stockholder. Except as otherwise provided in the Second Warrant or by virtue of such holder's ownership of shares of common
stock, the holder of the Second Warrant will not have the rights or privileges of a holder of common stock, including any voting rights,
until the holder exercises the Second Warrant.

 Triton
Purchase Agreement

 On
March 27, 2024, the Company entered into a purchase agreement (the "Triton
Purchase Agreement") with Triton Funds LP ("Triton"), pursuant to which the Company agreed to sell, and Triton agreed
to purchase, upon the Company's request in one or more transactions, up to 1,000,000 shares of the Company's common stock,
par value $0.0001 per share, providing aggregate gross proceeds to the Company of up to $850,000. Triton will purchase the shares of common
stock under the Triton Purchase Agreement at the price of $0.85 per share. The Triton Purchase Agreement expires upon the earlier of the
sale of all 1,000,000 shares of the Company's common stock or December 31, 2024.

 Among
other limitations, unless otherwise agreed upon by Triton, each individual sale of shares of common stock will be limited to no more
than the number of shares of common stock that would result in the direct or indirect beneficial ownership by Triton of more than
9.99% of the then-outstanding shares of common stock. In addition, the total cumulative number of shares of common stock that may be
issued to Triton under the Triton Purchase Agreement may not exceed the requirements of Nasdaq Listing Rule 5635(d), except that
such limitation will not apply in the event the Company obtains stockholder approval of the shares of common stock to be issued
under the Triton Purchase Agreement, if necessary, in accordance with the requirements of Nasdaq Listing Rule 5635(d).

 The
Triton Purchase Agreement provides that the Company will file a prospectus supplement (the "Prospectus Supplement") to
its Registration Statement on Form S-3, which was declared effective on April 16, 2021 (File No. 333-255096) (the "Base
Registration Statement"), covering the offering and sale of the shares of common stock to Triton pursuant to the Triton
Purchase Agreement. Triton's obligation to purchase shares of common stock under the Triton Purchase Agreement is conditioned
upon, among other things, the filing of the Prospectus Supplement and the Base Registration Statement remaining
effective.

 The
Triton Purchase Agreement contains customary representations, warranties, and covenants by each of the Company and Triton. Actual
sales of shares of common stock to Triton will depend on a variety of factors to be determined by the Company from time to time,
including, among others, market conditions, the trading price of the common stock and determinations by the Company as to the
appropriate sources of funding for the Company and its operations. Triton has no right to require any sales of shares of common
stock by the Company but is obligated to make purchases of shares of common stock from the Company from time to time, pursuant to
directions from the Company, in accordance with the Triton Purchase Agreement. During the term of the Triton Purchase Agreement,
Triton has covenanted not to cause or engage in any short selling of shares of common stock.

 On
March 27, 2024, the Company sold to Triton private placement warrants to purchase up to 1,000,000 shares of our common stock at an exercise
price of $2.00 per share.

 On
March 27, 2024, the Company delivered a purchase notice for 260,000 shares of common stock. The Company's common stock traded below
the purchase price following the date of the purchase notice, giving Triton the right to return to the Company any of the 260,000 shares.
Triton notified the Company that it will return 185,000 shares to the Company and closed the purchase of 75,000 shares pursuant to the
Triton Purchase Agreement.

Receipts Agreement

 On
February 26, 2024, the Company finalized an Agreement for the Purchase and Sale of Future Receipts (the "Future Receipts Agreement")
with a buyer (the "Buyer") under which the Buyer purchased $344,925 of our future sales for a gross purchase price of $236,250.
The Company received net proceeds of $225,000. Until the purchase price has been repaid, the Company agreed to pay the Buyer $13,797
per week.

 Convertible
Note Extension

 In
January and March 2023, the Company issued $410,000 of convertible notes (the "Convertible Notes") with a maturity date of
December 31, 2023. The Convertible Notes were issued with fixed conversion prices of $10.00 (for the $275,000 issued in January 2023)
and $12.00 (for the $135,000 issued in March 2023) and (ii) 5-year warrants (the "Q1 2023 Warrants") to purchase 19,375 shares
of common stock at an exercise price of $20.00.

 The
Convertible Notes may be amended with the written consent of the Company and the holders of a majority of the outstanding principal of
the Convertible Notes (the "Required Holders"); provided that, no such amendment, without the written consent of each Convertible
Note holder, may (i) reduce the principal amount or interest rate or change the method of computation of interest (including with respect
to the amount of cash) in the Convertible Notes, (ii) change the percentage of the outstanding principal amount of the Convertible Notes
required to consent to any such amendment or (iii) amend Section 9 (Modifications) of the Convertible Note.

 As
of December 27, 2023, the Company secured written consent by the Required Holders for the Convertible Note maturity date to be extended
to June 30, 2024. As an incentive for the Required Holders to approve the extension, the Company agreed to lower both the Convertible
Note fixed conversion price and the Q1 2023 Warrant exercise price to $2.25. The maturity date extension and the conversion and exercise
price reduction applies to all Convertible Notes.

 Share
Exchange

 On
November 28, 2023, INVO announced that it had received a notice from The Nasdaq Stock Market, LLC ("Nasdaq"), dated November
22, 2023, informing INVO that it has regained compliance with Nasdaq's Listing Rule 5550(b)(1) (the "Equity Rule")
for continued listing on The Nasdaq Capital Market, as INVOs stockholders' equity met or exceeded $2,500,000. INVO will be subject
to a mandatory panel monitor for a period of one year from the date of the notification.

 On November 19, 2023, the Company entered into a share exchange agreement
(the "Share Exchange Agreement") with Cytovia Therapeutics Holdings, Inc., a Delaware corporation ("Cytovia")
for Cytovia's acquisition of 1,200,000 shares of the Company's newly designated Series B Preferred Stock in exchange for 163,637
shares of common stock of NAYA held by Cytovia valued at $6,000,000 (the "Share Exchange"). On November 20, 2023, the Company
and Cytovia closed on the exchange of shares.

 As
a result of the exchange and based on the reduction in net loss demonstrated in the Company's Form 10-Q for the quarter ended September
30, 2023, the ongoing and further expected reduction in certain operating costs, including the end of research and development expenses
related to securing FDA clearance for the INVOcell label update, and profits from the operations of our previously-acquired clinic, Wisconsin
Fertility Institute, the Company's stockholders' equity was sufficient to maintain its Nasdaq listing.

all available evidence to evaluate the realizable value of its investment in the NAYA shares, including the financial condition and near-term
prospects of NAYA, the lack of marketability of the shares, and delays experienced with the interim funding commitments by NAYA, the Company
determined that it could not provide sufficient support to value the NAYA shares at $6 million and instead valued the shares at $2,172,000,
the quoted market value of INVO's common shares underlying the convertible preferred.

 Waiver
Solicitation

 On
November 9, 2023, the Company announced that we had commenced a solicitation of waivers (the "Waiver Solicitation") from
holders of our common stock purchase warrants dated August 8, 2023 (the "August Warrants") of the holder's right to
exercise a payment option upon consummation of the Merger. Receipt of the waivers is a condition to the consummation of the Merger. The
Waiver Solicitation was being made pursuant to a notice of waiver solicitation (the "Notice of Waiver Solicitation") and
accompanying form of waiver, which the Company sent to the holders of the August Warrants. The Notice of Waiver solicitation sets forth
the terms of the Warrant Solicitation. As of today, the Company has secured signed waivers from approximately 87.5% of the August Warrant
holders.

 On
November 13, 2023, the Company announced our intention to commence an exchange offer to all holders of the August Warrants to exchange
shares of INVO's common stock for each warrant tendered. The Company expects to file a Schedule TO in advance of the Merger, at
which time it will commence an exchange offer for the August Warrants that will be open for no less than 20 business days and will expire
two trading days after the closing of the Merger.

 Under
the terms of the proposed exchange offer, warrant holders will have the opportunity to exchange each warrant held for a number of shares
of common stock equal to the quotient of $2.25 per warrant divided by the closing price of INVO's common stock on the date of closing
of the Merger.

 These
terms and conditions of the exchange offer will be described in an offer to exchange and related letter of transmittal that will be sent
to August Warrant holders shortly after commencement of the exchange offer. The exchange offer will be subject to the closing of the
Merger agreement with NAYA. Tenders of warrants must be made prior to the expiration of the exchange offer period.

 Increase
in Authorized Shares

 On
October 13, 2023, the Company's shareholders approved an increase
to the number of the Company's authorized shares of common stock from 6,250,000 shares to 50,000,000 shares and the Company filed
a Certificate of Amendment to our Articles of Incorporation with the Nevada Secretary of State on such date to increase the Company's
authorized shares of common stock from 6,250,000 shares to 50,000,000 shares.

Loan and Security Agreement

 On
September 29, 2023, INVO, Steven Shum, as a Key Person, and our wholly-owned subsidiaries Bio X Cell, Inc, INVO CTR, Wood Violet Fertility
LLC, FLOW and Orange Blossom Fertility LLC as guarantors (the "Guarantors"), entered into a Revenue Loan and Security Agreement
(the "Loan Agreement") with Decathlon Alpha V LP (the "Lender") under which the Lender advanced a gross amount
of $1,500,000 to the Company (the "RSLA Loan"). The RSLA Loan has a maturity date of June 29, 2028, is payable in fixed monthly
installments, as set forth in the Loan Agreement, and may be prepaid without penalty at any time. The installments include an interest
factor that varies based on when the RSLA Loan is fully repaid and is based on a minimum amount that increases from thirty five percent
(35%) of the RSLA Loan principal if fully repaid in the first six months to 100% of the RSLA Loan principal if fully repaid after 30
months from the RSLA Loan's effective date.

 August
2023 Public Offering

 On
August 4, 2023, we, entered into securities purchase agreements (the "Purchase Agreements") with certain institutional and
other investors, pursuant to which we agreed to issue and sell to such investors in a public offering (the "August 2023 Offering"),
1,580,000 units (the "Units") at a price of $2.85 per Unit, with each Unit consisting of (i) one share of our Common Stock
(the "Shares"), and (ii) two common stock purchase warrants (the "Warrants"), each exercisable for one share
of Common Stock at an exercise price of $2.85 per share. In the aggregate, in the August 2023 Offering the Company issued 1,580,000 Shares
and 3,160,000 Warrants. The securities issued in the August 2023 Offering were offered pursuant to our registration statement on Form
S-1 (File 333-273174) (the "Registration Statement"), initially filed by us with the SEC under the Securities Act, on July 7, 2023 and declared effective
on August 3, 2023.

 We
closed the Offering on August 8, 2023, raising gross proceeds of approximately $4 million before deducting placement agent fees and other
offering expenses payable by us. We used (i) $2,150,000 to fund the initial installment of the WFI purchase price (net of a $350,000
holdback) on August 10, 2023; (ii) $1,000,000 to pay Armistice the Armistice Amendment Fee (as defined below); and (iii) $139,849 to
repay those certain 8% debentures issued in February 2023, plus accrued interest and fees of approximately $10,911. We are using the
remaining proceeds from the August 2023 Offering for working capital and general corporate purposes.

 In
connection with the August 2023 Offering, on August 4, 2023, we entered
into a placement agency agreement (the "Placement Agency Agreement") with Maxim Group LLC ("Maxim"), pursuant
to which (i) Maxim agreed to act as placement agent on a "best efforts" basis in connection with the August 2023 Offering
and (ii) we agreed to pay Maxim an aggregate fee equal to 7.0% of the gross proceeds raised in the August 2023 Offering and warrants to
purchase up to 110,600 shares of common stock at an exercise price of $3.14 (the "Placement Agent Warrants"). The Placement
Agent Warrants (and the shares of common stock issuable upon the exercise of the Placement Agent Warrants) were not registered under the
Securities Act and were offered pursuant to an exemption from the registration requirements of the Securities Act provided in Section
4(a)(2) of the Securities Act and Rule 506(b) promulgated thereunder.

 July
2023 Standard Merchant Cash Advance Agreement

 On
July 20, 2023, we entered into a Standard Merchant Cash Advance Agreement with Cedar Advance LLC ("Cedar") under which Cedar
purchased $543,750 of our receivables for a gross purchase price of $375,000 (the "Initial Advance"). We received net proceeds
of $356,250. Until the purchase price is repaid, we agreed to pay Cedar $19,419.64 per week. If the Initial Advance is repaid within
30 days, then the amount payable to Cedar shall be reduced to $465,000. In addition, we granted Cedar a security interest in our accounts,
including deposit accounts and accounts receivable. We used the proceeds for working capital and general corporate purposes.

 On
August 31, 2023, we refinanced the Initial Advance through the purchase by Cedar of $746,750 of the Company's receivables for a
gross purchase price of $515,000 (the "Refinanced Advance"). We received net cash proceeds of $134,018 after applying $390,892
towards the repayment of the Initial Advance. The new Cash Advance Agreement provides that if we repay the Refinanced Advance within
30 days then the amount payable to Cedar shall be reduced to $643,750, and if the Refinanced Amount is repaid on days 31 to 60 then the
amount payable to Cedar shall be reduced to $674,650. Until the purchase price is repaid, we agreed to pay Cedar $16,594 per week. On
September 29, 2023, we repaid $0.3 million of the Refinanced Advance with proceeds from the RLSA Loan (as defined below). As a result
of such payment, the weekly payment was reduced to $9277.

 Amendment
to Armistice SPA

 On
July 7, 2023, we entered into an Amendment to Securities Purchase Agreement
(the "Armistice Amendment") with Armistice Capital Markets Ltd. To delete Section 4.12(a) of our March 23, 2023 Securities
Purchase Agreement (the "Armistice SPA") with Armistice pursuant to which we agreed that from March 23, 2023 until 45 days
after the effective date of the Resale Registration Statement (as defined below) we would not (i) issue, enter into any agreement to issue
or announce the issuance or proposed issuance of any shares of common stock or Common Stock Equivalents or (ii) file any registration
statement or any amendment or supplement thereto, other than the prospectus supplement filed in connection with that offering and the
Resale Registration Statement (the "Subsequent Equity Financing Provision"). In consideration of Armistice's agreement
to enter into the Armistice Amendment and delete the Subsequent Equity Financing Provision from the Armistice SPA, we agreed to pay Armistice
a fee a $1,000,000 (the "Armistice Amendment Fee") within two days of the closing of the August 2023 Offering. Additionally,
we agreed to include a proposal in our proxy statement for our 2023 Annual Meeting of Stockholders for the purpose of obtaining the approval
of the holders of a majority of our outstanding voting common stock, to effectuate the reduction of the exercise price (the "Exercise
Price Reduction") set forth in Section 2(b) of the Common Stock Purchase Warrants issued to Armistice on March 27, 2023 (the "Existing
Warrants") to the per unit public offering price of the August 2023 Offering)or $2.85), in accordance with Nasdaq Rule 5635(d) (the
"Shareholder Approval") with the recommendation of our board of directors that such proposal be approved. We also agreed to
solicit proxies from our shareholders in connection therewith in the same manner as all other management proposals in such proxy statement
and that all management-appointed proxyholders shall vote their proxies in favor of such proposal. Further, if we did not obtain Shareholder
Approval at the first meeting, we agreed to call a meeting every six (6) months thereafter to seek Shareholder Approval until the earlier
of the date Shareholder Approval is obtained or the Existing Warrants are no longer outstanding. Until such approval was obtained, the
exercise price of the Existing Warrants remained unchanged.

 On December 26, 2023, INVO held its 2023 annual meeting
of stockholders (the "2023 Annual Meeting") whereby INVO's stockholders voted on and approved the Exercise Price Reduction.

 Reverse
Stock Split

 On
June 28, 2023, our board of directors approved a reverse stock split of our common stock at a ratio of 1-for-20 and also approved a proportionate
decrease in our authorized common stock to 6,250,000 shares from 125,000,000. Pursuant to Nevada Revised Statutes, a company may effect
a reverse split without stockholder approval if both the number of authorized shares of common stock and the number of outstanding shares
of common stock are proportionally reduced as a result of the reverse split, the reverse split does not adversely affect any other class
of stock of the company, and the company does not pay money or issue scrip to stockholders who would otherwise be entitled to receive
a fractional share as a result of the reverse split. On July 26, 2023, we filed a certificate of change with the Nevada Secretary of
State pursuant to Nevada Revised Statutes 78.209 to (i) decrease the number of authorized shares of common stock from 125,000,000 to
6,250,000 shares and (ii) effectuate a 1-for-20 reverse stock split of the outstanding common stock. On July 27, 2023, we received notice
from Nasdaq that the reverse split would take effect at the open of business on July 28, 2023 and the reverse stock split took effect
on that date.

 510(k)
FDA Clearance

 On
June 22, 2023, we received U.S. Food and Drug Administration (FDA) 510(k) clearance to expand the labeling on the INVOcell device and
its indication for use to provide for a 5-day incubation period. The data supporting the expanded 5-day incubation clearance demonstrated
improved patient outcomes.

 March
2023 Registered Direct Offering

 On
March 23, 2023, INVO entered into a securities purchase agreement (the
"March Purchase Agreement") with a certain institutional investor, pursuant to which we agreed to issue and sell to such investor
(i) in a registered direct offering (the "RD Offering"), 69,000 shares of common stock, and a pre-funded warrant (the "Pre-Funded
Warrant") to purchase up to 115,000 shares of common stock, at an exercise price of $0.20 per share, and (ii) in a concurrent private
placement (the "March Warrant Placement"), a common stock purchase warrant (the "March Warrant"), exercisable
for an aggregate of up to 276,000 shares of common stock, at an exercise price of $12.60 per share. The securities to be issued in the
RD Offering (priced at the marked under Nasdaq rules) were offered pursuant to our shelf registration statement on Form S-3 (File 333-255096),
initially filed by us with the SEC under the Securities Act, on April 7, 2021 and declared effective on April 16, 2021. The Pre-Funded
Warrant is exercisable upon issuance and will remain exercisable until all of the shares underlying the Pre-Funded Warrant are exercised
in full. All Pre-Funded Warrants were exercised by the investor in June 2023.

 The
March Warrant (and the shares of common stock issuable upon the exercise of the Private Warrants) was not registered under the Securities
Act and was offered pursuant to an exemption from the registration requirements of the Securities Act provided in Section 4(a)(2) of
the Securities Act and Rule 506(b) promulgated thereunder. The March Warrant is immediately exercisable upon issuance, will expire eight
years from the date of issuance, and in certain circumstances may be exercised on a cashless basis.

 On
March 27, 2023, we closed the RD Offering and March Warrant Placement, raising gross proceeds of approximately $3 million before deducting
placement agent fees and other offering expenses payable by us. If the March Warrant is fully exercised for cash, we would
receive additional gross proceeds of approximately $3.5 million. We used $383,879 in proceeds to repay a portion of the convertible debenture
issued in February 2023 and the remainder of the proceeds were used for working capital and general corporate purposes.

 Notices
from Nasdaq of Failure to Satisfy Continued Listing Rules

 Notice
Regarding Non-Compliance with Minimum Stockholders' Equity

 On
November 23, 2022, we received notice from The Nasdaq Stock Market LLC ("Nasdaq") advising us that we were not in compliance
with the minimum stockholders' equity requirement for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1)
(the "Equity Rule") requires companies listed on The Nasdaq Capital Market to maintain stockholders' equity of at least
$2,500,000 (the "Stockholders' Equity Requirement"). In our Quarterly Report on Form 10-Q for the quarter ended September
30, 2022, we reported stockholders' equity of $1,287,224, which is below the Stockholders' Equity Requirement for continued
listing. Additionally, as of the date of the notice, we did not meet either of the alternative Nasdaq continued listing standards under
the Nasdaq Listing Rules, market value of listed securities of at least $35 million, or net income of $500,000 from continuing operations
in the most recently completed fiscal year, or in two of the three most recently completed fiscal years.

 The
notice had no immediate effect on the listing of our common stock and our common stock continued to trade on The Nasdaq Capital Market
under the symbol "INVO" subject to our compliance with the other continued listing requirements.

to the notice, Nasdaq gave us 45 calendar days, or until January 7, 2023, to submit to Nasdaq a plan to regain compliance. We submitted
our plan within the prescribed time and, on January 18, 2023, we received a letter from Nasdaq stating that based on our submission that
Nasdaq had determined to grant us an extension of time to regain compliance with the Equity Rule until May 22, 2023.

 On
May 23, 2023, we were notified by the Listing Qualifications department (the "Staff") of Nasdaq that, based upon our non-compliance
with the $2.5 million stockholders' equity requirement for continued listing on The Nasdaq Global Market, as set forth in the Equity
Rule, as of May 22, 2023, our common stock was subject to delisting from Nasdaq unless we timely requested a hearing before the Nasdaq
Hearings Panel (the "Panel").

 We
requested a hearing before the Panel, which stayed any further action by Nasdaq at least until the hearing process was concluded and
any extension that may be granted by the Panel has expired.

 On
July 6, 2023, we had our hearing before the Panel at which time we provided the Panel our plan to regain compliance under the Equity
Rule.

 On
July 27, 2023, we received a letter from the Panel under which they granted our request for continued listing of Nasdaq subject to us
demonstrating compliance with the Equity Rule as well as Nasdaq Listing Rule 5550(a)(2) (to maintain a minimum bid price of $1 (the "Price
Rule")) on or before September 29, 2023. The Panel reserved the right to reconsider the terms of this exception based on any event,
condition or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing of our securities on
Nasdaq inadvisable or unwarranted. In that regard, the Panel advised us that it is a requirement during the exception period we provide
prompt notification of any significant events that occur during this time that may affect our compliance with Nasdaq requirements. This
includes, but is not limited to, prompt advance notice of any event that may call into question our ability to meet the terms of the
exception granted.

 On
September 27, 2023 the Panel agreed to extend the exception period from September 29, 2023 until November 20, 2023. No additional extensions
for compliance under the Equity Rule may be granted by the Panel.

 On
November 19, 2023, the Company entered into the Share Exchange Agreement
with Cytovia for Cytovia's acquisition of 1,200,000 shares of the Company's newly designated Series B Preferred Stock in exchange
for 163,637 shares of common stock of NAYA held by Cytovia valued at $6,000,000 (the "Share Exchange"). On November 20, 2023,
the Company and Cytovia closed on the Share Exchange.

 As
a result of the Share Exchange and based on the reduction in net loss demonstrated in the Company's Form 10-Q for the quarter ended
September 30, 2023, the ongoing and further expected reduction in certain operating costs, including the end of research and development
expenses related to securing FDA clearance for the INVOcell label update, and profits from the operations of our previously-acquired
clinic, Wisconsin Fertility Institute, the Company believed its stockholders' equity was sufficient to maintain its Nasdaq listing.

all available evidence to evaluate the realizable value of its investment in the NAYA shares, including the financial condition and near-term
prospects of NAYA, the lack of marketability of the shares, and delays experienced with the interim funding commitments by NAYA, the Company
determined that it could not provide sufficient support to value the NAYA shares at $6 million and instead valued the shares at $2,172,000,
the quoted market value of INVO's common shares underlying the convertible preferred.

 Notice
Regarding Failure to Maintain Minimum Bid Price

 On
January 11, 2023, we received a letter from the Staff indicating that, based upon the closing bid price of our common stock for the last
30 consecutive business days, we were not in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued
listing under the Price Rule.

 The
notice had no immediate effect on the listing of our common stock, and our common stock continued to trade on The Nasdaq Capital Market
under the symbol "INVO."

 In
accordance with Nasdaq Listing Rule 5810I(3)(A), we were provided an initial period of 180 calendar days, or until July 10, 2023, to
regain compliance with the minimum bid price requirement. If at any time before July 10, 2023, the closing bid price of our common stock
closed at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq would provide written notification that we have
achieved compliance with the minimum bid price requirement, and the matter would be resolved. If we did not regain compliance prior to
July 10, 2023, then Nasdaq may grant us a second 180 calendar day period to regain compliance, provided we (i) meet the continued listing
requirement for market value of publicly-held shares and all other initial listing standards for The Nasdaq Capital Market, other than
the minimum closing bid price requirement, and (ii) notify Nasdaq of its intent to cure the deficiency within such second 180 calendar
day period, by effecting a reverse stock split, if necessary.

 We were unable to regain compliance by July 10, 2023 and accordingly on
July 11, 2023, we received a notice from the Staff that, based upon our non-compliance with the minimum bid price requirement set forth
in the Price Rule 5550(a)(2), the Panel will consider such non-compliance in its decision regarding
the Company's continued listing on Nasdaq. We presented our plan to regain compliance
with the minimum bid price requirement at our hearing with the Panel on July 6, 2023.

 On
July 27, 2023, we received a letter from the Panel under which they granted our request for continued listing of Nasdaq subject to us
demonstrating compliance with the Equity Rule and the Price Rule on or before September 29. 2023. On August 31, 2023, we received notice
from the Panel that we had regained compliance with the Price Rule.

 Results
of Operations

fiscal 2023, we accelerated our efforts to transition the Company more toward healthcare services through ownership of fertility clinics.
This was highlighted by the August 2023 closing of Wisconsin Fertility Institute, our first acquisition of an existing IVF practice.
 This Madison Wisconsin-based fertility center was established more than 15 years ago, generates
strong revenue and profits, and provides an immediate and substantial impact to our overall operations moving forward. We also believe
this first acquisition helps provide a road map and foundation in which to pursue additional acquisitions of established and profitable
small practices. Based on terms and acquisition capital availability, we anticipate continuing to actively pursue suitable acquisition
targets in order to accelerate our growth objectives.

 Our
existing operational INVO Centers located in Alabama and Georgia also made progress during fiscal 2023 and we anticipate both will continue
to make steady progress in the coming year. Due to international resource constraints by both ourselves and our partner as well as lack
of an available local physician resource, we are limiting our efforts at the Mexico clinic pending a final decision, which may include
halting services. We will, however, continue to seek additional U.S. opportunities to expand our INVO Center activities over time. In the short-term, we will likely devote more of our efforts toward acquisitions as we believe it provides the ability to more quickly
build scale in our operations, which will in turn help support our long-term goals to build INVO centers throughout the U.S. market.

 Although
we anticipate our clinic operations will dominate our commercial efforts and revenues, we will also continue to work on providing the
INVOcell to other existing fertility clinics.

 From
a broad strategic perspective, our commercialization efforts will continue to focus on the substantial, underserved patient population
and on expanding access to advanced fertility treatments. We believe our solutions can help address the key challenges of affordability
and capacity to provide care to the vast number of patients that go untreated every year. This represents the major opportunity for INVOcell
and the IVC procedure it enables. The fertility industry has and continues to expand, even during the global pandemic. We believe our
INVO Center approach adds much needed capacity and affordability, and we expect our acquisition strategy to allow for ART cycle volume
increases at existing clinics. As such, we believe both our acquisition and INVO Center strategies align with our key mission to open
access to care to the underserved.

 The
ART market also continues to benefit from a number of industry tailwinds, including 1) the large under-served potential patient population,
2) increasing infertility rates around the world 3) growing awareness and education of fertility treatment options, 4) a growing acceptance
of fertility treatment, 5) improvements in procedure techniques and hence improvements in pregnancy success rates, and 6) generally improving
insurance (private and public) reimbursement trends.

 Comparison
of the years ended December 31, 2023 and 2022

 Revenues

for the years ended December 31, 2023 and 2022 was $3.0 million and $0.8 million, respectively. Of the $3.0 million in revenue for the
year 2023, $2.9 million was related to clinic revenue from the consolidated Georgia JV and WFI. The increase of approximately $2.2 million,
or approximately 267%, was primarily related to revenue from the acquisition of WFI.

 Cost
of Revenue

 Cost
of revenue for the years ended December 31, 2023 and 2022 was $1.9 million and $0.9 million, respectively. The increase in our cost of
revenue was primarily related to the acquisition of WFI.

 Selling,
General, and Administrative Expenses

 Selling,
 general and administrative expenses for the years ended December 31, 2023 and 2022 were $7.5 million and $10.0 million, respectively,
of which $1.3 million and $2.2 million, respectively, was for non-cash, stock-based compensation expense. The decrease of approximately
$2.5 million or 25% was primarily the result of approximately $1.9 million in decreased personnel expenses, approximately $0.7 million
in decreased marketing expenses, and approximately $0.2 million in decreased travel & entertainment expenses, and was partially offset
by a $0.1 million increase in professional fees and a $0.3 million increase in operational expenses related to WFI.

 Research
and Development Expenses

 We
began to fund additional research and development ("R&D") efforts in 2020 as part of our 5-day label expansion efforts.
This effort was completed in June 2023. R&D expenses were $0.2 million and $0.5 million, for the years ended December 31, 2023 and
2022, respectively. The decrease of approximately $0.3 million was primarily related to the completion of our FDA response efforts on
the 5-day label expansion in June 2023.

 Loss
from equity investment

 Loss
from equity investments for the years ended December 31, 2023 and 2022, was $0.2 million and $0.2 million, respectively.

Expense and Financing Fees

expense and financing fees for the years ended December 31, 2023 and 2022 were $0.9 million and $0.1 million, respectively. The
increase of approximately $0.8 million, or approximately 1,387%, was primarily non-cash and due to the debt discount, debt issuance cost
and interest on convertible notes.

 Income
Taxes

 As
of December 31, 2023, we had unused federal net operating loss carryforwards ("NOLs") of $32.9 million. These losses expire
in various amounts at varying times beginning in 2027 with a portion carrying on indefinitely. Unless expiration occurs, these NOLs may
be used to offset future taxable income and thereby reduce our income taxes.

 We
recorded a valuation allowance against our deferred tax assets at December 31, 2023 and 2022 totaling $11.1 million and $9.3 million,
respectively.

 Liquidity
and Capital Resources

 For
the years ending December 31, 2023, and 2022, we had net losses of approximately
$8.0 million and $10.9 million, respectively. Approximately $2.8 million of the net loss was related to non-cash expenses for the year
ended December 31, 2023, compared to $3.0 million for the year ended December 31, 2022. We had negative working capital of approximately
$7.0 million as of December 31, 2023, compared to negative working capital of approximately $2.8 million as of December 31, 2022. As of
December 31, 2023, we had stockholder's equity of approximately $0.9 million compared to a stockholder's deficit of approximately
$1.0 million as of December 31, 2022. Cash used in operations for the year of 2023 was approximately $4.8 million, compared to approximately
$6.6 million for the year of 2022.

 We
have been dependent on raising capital through debt and equity financings to secure the cash required to fund our operating expenses
and investing activities. During 2022, we received proceeds of approximately $0.8 million from demand notes and net proceeds of approximately
$0.3 million for the sale of our common stock. During 2023, we received proceeds of $3.2 million from notes and net proceeds
of approximately $5.8 million for the sale of our common stock. Over the next 12 months, our plan includes growing Wisconsin Fertility Institute and pursuing additional IVF clinic acquisitions. Until we can generate a
sufficient amount of cash from operations, we will need to raise additional funding to meet our liquidity needs and to execute our business
strategy. As in the past, we will seek debt and/or equity financing, which may not be available on reasonable terms, if at all.

 Although
our audited consolidated financial statements for the year ended December 31, 2023 were prepared under the assumption that we would continue
operations as a going concern, the report of our independent registered public accounting firm that accompanies our consolidated financial
statements for the year ended December 31, 2023 contains a going concern qualification in which such firm expressed substantial doubt
about our ability to continue as a going concern, based on the consolidated financial statements at that time. Specifically, as noted
above, we have incurred significant operating losses and we expect to continue to incur significant expenses and operating losses as
we continue to acquire existing IVF clinics and the commercialization of our INVOcell solution Prior losses and expected
future losses have had, and will continue to have, an adverse effect on our financial condition. If we cannot continue as a going concern,
our stockholders would likely lose most or all of their investment in us.

 Cash
Flows

 The
following table shows a summary of our cash flows for the year ended December 31:

 2023

 2022

 Cash
 (used in) provided by:

 Operating
 activities

 (4,755,054

)

 (6,603,319

)

 Investing
 activities

 (2,494,879

)

 (81,217

)

 Financing
 activities

 7,392,222

 1,089,800

 Cash
Flows from Operating Activities

 As
of December 31, 2023, we had approximately $0.2 million in cash compared to approximately $0.09 million as of December 31, 2022. Net
cash used in operating activities in 2023 was approximately $4.8 million, compared to approximately $6.6 million for the same period
in 2022. The decrease in net cash used in operations was primarily due to the decrease in operating expenses.

 Cash
Flows from Investing Activities

the year ended December 31, 2023, cash used in investing activities of approximately $2.5 million was primarily related to the acquisition
of WFI. During the year ended December 31, 2022, cash used in investing activities of approximately $0.1 million was primarily related
to investments in support of our INVO Center joint ventures.

 Cash
Flows from Financing Activities

the year ended December 31, 2023, cash provided by financing activities of approximately $7.4 million was related to proceeds from notes and from the sale of common stock. During the year ended December 31, 2022, cash provided by financing activities of approximately
$1.1 million was primarily related to proceeds from demand notes and from the sale of common stock.

 Financing
Activities

 On
March 27, 2023, we closed the RD Offering and March Warrant Placement, raising gross proceeds of approximately $3 million before deducting
placement agent fees and other offering expenses payable by us. We used $383,879 in proceeds to repay a portion of the convertible debenture
issued in February 2023 and the remainder of the proceeds were used for working capital and general corporate purposes.

 In
July 2023, we received $0.1 million through the issuance of demand notes from a related party, JAG Multi Investments LLC ("JAG").
Our CFO is a beneficiary of JAG but does not have any control over JAG's investment decisions with respect to INVO.

 On
July 20, 2023, we entered into a Standard Merchant Cash Advance Agreement with Cedar Advance LLC ("Cedar") under which Cedar
purchased $543,750 of our receivables for a gross purchase price of $375,000 (the "Initial Advance"). We received net proceeds
of $356,250. Until the purchase price is repaid, we agreed to pay Cedar $19,419.64 per week.

 On
August 31, 2023, we refinanced the Initial Advance through the purchase by Cedar of $746,750 of the Company's receivables for a
gross purchase price of $515,000 (the "Refinanced Advance"). We received net cash proceeds of $134,018 after applying $390,892
towards the repayment of the Initial Advance. Until the purchase price is repaid, we agreed to pay Cedar $16,594 per week. On September
29, 2023, we repaid $0.3 million of the Refinanced Advance with proceeds from the RLSA Loan (as defined below). As a result of such payment,
the weekly payment was reduced to $9,277.

 We
closed a public offering on August 8, 2023, raising gross proceeds of approximately $4 million before deducting placement agent fees
and other offering expenses payable by us. We used(i) $2,150,000 to fund the initial installment of the WFI purchase price (net of a
$350,000 holdback) on August 10, 2023; (ii) $1,000,000 to pay Armistice the Armistice Amendment Fee (as defined below); and (iii) $139,849
to repay those certain 8% debentures issued in February 2023, plus accrued interest and fees of approximately $10,911.

 On
September 29, 2023, we entered into a Revenue Loan and Security Agreement (the "Loan Agreement") with Decathlon Alpha V LP
(the "Lender") under which the Lender advanced a gross amount of $1,500,000 to the Company (the "RSLA Loan").
The RSLA Loan has a maturity date of June 29, 2028, is payable in fixed monthly installments, as set forth in the Loan Agreement, and
may be prepaid without penalty at any time. The installments include an interest factor that varies based on when the RSLA Loan is fully
repaid and is based on a minimum amount that increases from thirty five percent (35%) of the RSLA Loan principal if fully repaid in the
first six months to 100% of the RSLA Loan principal if fully repaid after 30 months from the RSLA Loan's effective date.

 On
December 29, 2023, the Company entered into a securities purchase agreement (the
"SPA") with NAYA for NAYA's purchase of 1,000,000 shares of the Company's Series A Preferred Stock at a
purchase price of $5.00 per share. The parties agreed that NAYA's purchases will be made in tranches in accordance with the
Minimum Interim Pipe Schedule. The SPA contains customary representations, warranties and
covenants of the Company and NAYA. On January 4, 2024, the Company and NAYA closed on 100,000 shares of Series A Preferred Stock in
the first tranche of this private offering for gross proceeds of $500,000.
 On April 15, 2024, the
Company and NAYA closed on additional 61,200 shares of Series A Preferred Stock for additional gross proceeds of $306,000.

 Critical
Accounting Policies and Estimates

 The
discussion and analysis of our financial condition presented in this section is based upon our audited consolidated financial statements,
which have been prepared in accordance with generally accepted accounting principles in the United States. During the preparation of
the financial statements, we are required to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue
and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate, based on historical experience
and on various other assumptions that are believed to be reasonable under the circumstances, our results, which allows us to form a basis
for making judgments on the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results
may differ from these estimates based on variance with our assumptions and conditions. A summary of significant accounting policies is
included below. Management believes that the application of these policies on a consistent basis enables us to provide useful and reliable
financial information about our operating results and financial condition.

 See
Note 1 of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for a summary of significant
accounting policies and the effect on our consolidated financial statements.

 Stock
Based Compensation

 We
account for stock-based compensation under the provisions of ASC 718 -10 Share-Based Payment. This statement requires us to measure
the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award.
That cost is recognized over the period in which the employee is required to provide service or performance goals in exchange for the
award, which is usually immediate but sometimes over a vesting period. Warrants granted to non-employees are recorded as an expense over
the requisite service period based on the grant date and the estimated fair value of the grant, which is determined using the Black-Scholes
option pricing model.

Recognition

 We
recognize revenue on arrangements in accordance with ASC 606, Revenue from Contracts with Customers. The core principle of ASC 606 is
to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which
an entity expects to be entitled for those goods or services ASC 606 requires companies to assess their contracts to determine the timing
and amount of revenue to recognize under the new revenue standard. The model has a five-step approach:

 1.

 Identify
 the contract with the customer.

 2.

 Identify
 the performance obligations in the contract.

 3.

 Determine
 the total transaction price.

 4.

 Allocate
 the total transaction price to each performance obligation in the contract.

 5.

 Recognize
 as revenue when (or as) each performance obligation is satisfied.

 Variable
Interest Entities

 Our
consolidated financial statements include the accounts of INVO Bioscience, Inc., its wholly owned subsidiaries, and variable interest
entities ("VIE"), where we are the primary beneficiary under the provisions of ASC 810, Consolidation ("ASC 810").
A VIE must be consolidated by its primary beneficiary when, along with its affiliates and agents, the primary beneficiary has both: (i)
the power to direct the activities that most significantly impact the VIE's economic performance; and (ii) the obligation to absorb
losses or the right to receive the benefits of the VIE that could potentially be significant to the VIE. We reconsider whether an entity
is still a VIE only upon certain triggering events and continually assesses its consolidated VIEs to determine if it continues to be
the primary beneficiary.

 Equity
Method Investments

 Investments
in unconsolidated affiliates in which we exert significant influence but do not control or otherwise consolidate are accounted for using
the equity method. Equity method investments are initially recorded at cost. These investments are included in investment in joint ventures
in the accompanying consolidated balance sheets. Our share of the profits and losses from these investments is reported in loss from
equity method investment in the accompanying consolidated statements of operations. Management monitors its investments for other-than-temporary
impairment by considering factors such as current economic and market conditions and the operating performance of the investees and records
reductions in carrying values when necessary.

 Business
Acquisitions

 We
account for all business acquisitions at fair value and expenses acquisition costs as they are incurred. Any identifiable assets acquired
and liabilities assumed are recognized and measured at their respective fair values on the acquisition date. If information about facts
and circumstances existing as of the acquisition date is incomplete at the end of the reporting period in which a business acquisition
occurs, we will report provisional amounts for the items for which the accounting is incomplete. The measurement period ends once we
receive sufficient information to finalize the fair values; however, the period will not exceed one year from the acquisition date. Any
adjustments to provisional amounts that are identified during the measurement period are recognized in the reporting period in which
the adjustment amounts are determined.

Accounting Pronouncements

 None.

 Item
7A. Quantitative and Qualitative Disclosure about Market Risks

 We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required
under this item.

 We
will be exposed to risk from changes in foreign currency exchange rates related to our foreign joint ventures. Our principal exchange
rate exposure relates to the Mexican Peso.

 Item
8. Financial Statements and Supplementary Data

 Page

 Report of Independent Registered Public Accounting Firm (PCAOB ID No. 2738)

 Consolidated Balance Sheets as of December 31, 2023 and 2022

 Consolidated Statements of Operations for the Years Ended December 31, 2023 and 2022

 Consolidated Statements of Stockholders' Equity (Deficit) for the Period from January 1, 2022 to December 31, 2023

 Consolidated Statements of Cash Flows for the Years Ended December 31, 2023 and 2022

 Notes to Consolidated Financial Statements

 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To
the Board of Directors and

 Stockholders
of INVO Bioscience, Inc.

 Opinion
on the Consolidated Financial Statements

 We have audited the accompanying consolidated balance sheets of INVO Bioscience, Inc. (the Company) as of December 31, 2023 and 2022,
and the related consolidated statements of operations, stockholders' equity (deficit), and cash flows for each of the years in the
two-year period ended December 31, 2023, and the related notes (collectively referred to as the financial statements). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022,
and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2023, in conformity
with accounting principles generally accepted in the United States of America.

 Going
Concern

 The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As
discussed in Note 2 to the consolidated financial statements, the Company has suffered net losses from operations and has a net
capital deficiency, which raises substantial doubt about its ability to continue as a going concern. Management's plans
regarding those matters are discussed in Note 2. The consolidated financial statements do not include any adjustments that might
result from the outcome of this uncertainty.

 Basis
for Opinion

 These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an
opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered
with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the
Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.

 We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

 Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated
financial statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical
Audit Matter

 The
critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements
that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that
are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.
The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as
a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit
matter or on the accounts or disclosures to which it relates.

 Revenue Transactions and Improper Revenue
Recognition

 As discussed in Note 1 to the consolidated financial statements, the Company recognizes revenue on arrangements in
accordance with ASC 606, Revenue from Contracts with Customers. The core principle of ASC 606 is to recognize revenues when promised goods
or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those
goods or services. ASC 606 requires companies to assess their contracts to determine the timing and amount of revenue to recognize under
the revenue standard. The model has a five-step approach:

 Identify the contract with the customer.

 Identify the performance obligations in the contract.

 Determine the total transaction price.

 Allocate the total transaction price to each performance obligation in the contract.

 Recognize as revenue when (or as) each performance obligation is satisfied.

 Auditing management's evaluation of revenue from contracts with customers involves significant judgment, given
the fact that the agreements require management's evaluation, identification of the contract and the performance obligation, the
total transaction price and the allocation of the total transaction price, the determination of when the performance obligation is satisfied,
and consideration that revenue is an inherent fraud risk.

 To evaluate the appropriateness and accuracy of the assessment by management, we evaluated management's assessment
in relationship to the relevant agreements.

 /s/
 M&K CPAS, PLLC

 M&K CPAS, PLLC

 PCAOB ID: 2738

 We
have served as the Company's auditor since 2019.

 The Woodlands,
TX

 April
16, 2024

 F- 1

 INVO

 CONSOLIDATED
BALANCE SHEETS

 2023

 2022

 31,

 31,

 2023

 2022

 ASSETS

 Cash

 $
 232,424

 $
 90,135

 receivable

 140,550

 77,149

 Inventory

 264,507

 263,602

 Prepaid
 expenses and other current assets

 622,294

 190,201

 Total
 current assets

 1,259,775

 621,087

 Property
 and equipment, net

 826,418

 436,729

 Lease
 right of use

 5,740,929

 1,808,034

 Intangible
 assets, net

 4,093,431

 -

 Goodwill

 5,878,986

 -

 Investment in NAYA

 2,172,000

 -

 Equity investments

 916,248

 1,237,865

 Total

 $
 20,887,787

 $
 4,103,715

 LIABILITIES
 AND STOCKHOLDERS' EQUITY (DEFICIT)

 payable and accrued liabilities

 $
 2,330,381

 $
 1,349,038

 Accrued
 compensation

 722,251

 946,262

 Notes
 payable - current portion, net

 629,920

 100,000

 Notes
 payable - related party, net

 880,000

 662,644

 Notes
 payable, net

 880,000

 662,644

 408,769

 119,876

 Lease
 liability, current portion

 397,554

 231,604

 payments for acquisition, current portion

 2,500,000

 -

 Other
 current liabilities

 350,000

 -

 Total
 current liabilities

 8,218,875

 3,409,424

 Lease
 liability, net of current portion

 5,522,090

 1,669,954

 Notes payable – net of current portion

 1,253,997

 -

 tax liability

 -

 1,949

 payments for acquisition, net of current portion

 5,000,000

 -

 Total

 19,994,962

 5,081,327

 Stockholders'
 equity (deficit)

 Series B Preferred Stock, $ 5.00 par value; 1,200,000 shares authorized; 1,200,000 and 0 issued and outstanding as
of December 31, 2023 and 2022, respectively.

 6,000,000

 -

 Stock, $.0001 par value; 50,000,000 shares authorized; 2,492,531 and 608,611 issued and outstanding as of December 31, 2023 and 2022,
 respectively

 paid-in capital

 52,710,721

 48,805,860

 Accumulated
 deficit

 ( 57,818,145
)

 ( 49,783,533
)

 Total
 stockholders' equity (deficit)

 892,825

 ( 977,612
)

 Total
 liabilities and stockholders' equity (deficit)

 $
 20,887,787

 $
 4,103,715

 The
accompanying notes are an integral part of these consolidated financial statements.

 F- 2

 INVO

 CONSOLIDATED
STATEMENTS OF OPERATIONS

 2023

 2022

 For the Years Ended

31,

 2023

 2022

 Revenue:

 Clinic

 2,862,574

 614,854

 Product

 158,001

 207,342

 Total

 3,020,575

 822,196

 Operating
 expenses:

 Cost
 of revenue

 1,934,437

 850,770

 Selling,
 general and administrative expenses

 7,486,454

 9,976,563

 Research
 and development expenses

 165,945

 544,043

 Depreciation
 and amortization

 200,894

 77,301

 Total
 operating expenses

 9,787,730

 11,448,677

 Loss
 from operations

 ( 6,767,155
)

 ( 10,626,481
)

 Other
 income (expense):

 Loss
 from equity method joint ventures

 ( 60,270
)

 ( 200,558
)

 Impairment from equity method joint venture

 ( 89,794
)

 -

 Loss from debt extinguishment

 ( 163,278
)

 -

 income

 -

 expense

 ( 925,909
)

 ( 59,445
)

 Foreign
 currency exchange loss

 ( 420
)

 ( 3,463
)

 Total
 other expenses

 ( 1,239,671
)

 ( 263,158
)

 Net
 loss before income taxes

 ( 8,006,826
)

 ( 10,889,639
)

 Provision for income
 taxes

 27,786

 2,872

 Net
 loss

 $
)

 $
)

 Net
 loss per common share:

 Basic

 ( 5.13
)

 ( 17.97
)

 Diluted

 ( 5.13
)

 ( 17.97
)

 average number of common shares outstanding:

 Basic

 1,565,951

 606,130

 Diluted

 1,565,951

 606,130

 The
accompanying notes are an integral part of these consolidated financial statements.

 F- 3

 INVO

 CONSOLIDATED
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

 Amount

 Amount

 Capital

 Deficit

 Total

 Stock

 Preferred
 Stock

 Paid-in

 Accumulated

 Amount

 Amount

 Capital

 Deficit

 Total

 Balances,
 December 31, 2021

 596,457

 $

 $

 $
 46,201,642

 $
 ( 38,891,022
)

 $
 7,310,680

 stock issued to directors and employees

 4,360

 -

 -

 -

 484,807

 -

 484,807

 stock issued for services

 3,063

 -

 -

 -

 123,211

 -

 123,211

 from the sale of common stock, net of fees and expenses

 4,731

 -

 -

 289,800

 -

 289,801

 Stock
 options issued to directors and employees as compensation

 -

 -

 -

 -

 1,616,400

 -

 1,616,400

 Warrants
 issued with notes payable

 -

 -

 -

 -

 90,000

 -

 90,000

 Net
 Loss

 -

 -

 -

 -

 -

)

)

 Balances,
 December 31, 2022

 608,611

 $

 -

 $
 -

 $
 48,805,860

 $
 ( 49,783,533
)

 ( 977,612
)

 Balances

 608,611

 $

 -

 $
 -

 $
 48,805,860

 $
 ( 49,783,533
)

 ( 977,612
)

 stock issued to directors and/or employees

 4,269

 -

 -

 -

 56,936

 -

 56,936

 stock issued for services

 50,817

 -

 -

 287,445

 -

 287,450

 Preferred
 stock issued

 -

 -

 1,200,000

 6,000,000

 ( 3,828,000
)

 -

 2,172,000

 from the sale of common stock, net of fees and expenses

 1,617,500

 -

 -

 5,701,784

 -

 5,701,945

 stock issued for liability settlement

 16,250

 -

 -

 65,196

 -

 65,198

 stock issued with notes payable

 4,167

 -

 -

 56,313

 -

 56,314

 Options
 exercised for cash

 -

 -

 -

 2,375

 -

 2,375

 Warrants
 exercised (cashless)

 43,985

 -

 -

 ( 4
)

 -

 -

 Prefunded warrant exercise

 146,500

 -

 -

 23,039

 -

 23,054

 Stock
 options issued to directors and employees as compensation

 -

 -

 -

 -

 1,049,109

 -

 1,049,109

 Warrants
 issued with notes payable

 -

 -

 -

 -

 490,668

 -

 490,668

 Rounding
 for reverse split

 -

 -

 -

 -

 -

 -

 Net
 loss

 -

 -

 -

 -

 -

)

)

 Balances,
 December 31, 2023

 2,492,531

 1,200,000

 6,000,000

 52,710,721

 ( 57,818,145
)

 892,825

 Balances

 2,492,531

 1,200,000

 6,000,000

 52,710,721

 ( 57,818,145
)

 892,825

 The
accompanying notes are an integral part of these consolidated financial statements.

 F- 4

 INVO

 CONSOLIDATED
STATEMENTS OF CASH FLOWS

 For the Years Ended

31,

 2023

 2022

 Cash
 flows from operating activities:

 Net
 loss

 $
)

 $
)

 Adjustments
 to reconcile net loss to net cash used in operating activities:

 Non-cash
 stock compensation issued for services

 287,450

 123,211

 Non-cash
 stock compensation issued to directors and/or employees

 56,936

 484,807

 Fair
 value of stock options issued to employees

 1,049,109

 1,616,401

 Non-cash
 compensation for services

 180,000

 120,000

 Amortization
 of discount on notes payable

 720,128

 52,644

 Loss
 on impairment of intangible assets

 -

 132,227

 Loss
 from equity method investment

 60,270

 200,558

 Impairment from equity method joint venture

 89,794

 -

 Loss from debt extinguishment

 163,278

 -

 Depreciation
 and amortization

 200,894

 77,301

 Changes
 in assets and liabilities:

 receivable

 ( 63,401
)

 ( 26,679
)

 Inventory

 ( 905
)

 24,171

 Prepaid
 expenses and other current assets

 ( 432,093
)

 92,550

 payable and accrued expenses

 924,678

 904,060

 Accrued
 compensation

 ( 224,011
)

 364,573

 288,893

 113,976

 Other
 current liabilities

 ( 226,568
)

 -

 Leasehold
 liability

 85,191

 7,026

 Accrued
 interest

 121,864

 1,556

 tax liabilities

 ( 1,949
)

 Net
 cash used in operating activities

 ( 4,755,054
)

 ( 6,603,319
)

 Cash
 used in investing activities:

 Payments
 to acquire property, plant, and equipment

 ( 444,722
)

 ( 10,785
)

 Payments
 to acquire intangible assets

 -

 ( 1,943
)

 Investment
 in joint ventures

 ( 8,447
)

 ( 68,489
)

 Payment
 for acquisitions

 ( 2,041,710
)

 -

 Net
 cash used in investing activities

 ( 2,494,879
)

 ( 81,217
)

 Cash
 from financing activities:

 from notes payable

 3,060,250

 100,000

 from notes payable – related parties

 100,000

 700,000

 from the sale of common stock, net of offering costs

 5,701,948

 289,800

 Proceeds from warrant exercise

 23,051

 -

 from option exercise

 2,375

 -

 Principal
 payments on notes payable

 ( 1,495,402
)

 -

 Net
 cash provided by financing activities

 7,392,222

 1,089,800

 Increase
 in cash and cash equivalents

 142,289

 ( 5,594,736
)

 Cash
 and cash equivalents at beginning of period

 90,135

 5,684,871

 Cash
 and cash equivalents at end of period

 $
 232,424

 $
 90,135

 Supplemental
 disclosure of cash flow information:

 Cash
 paid during the period for:

 $
 9,640

 $
 -

 Taxes

 $
 -

 $

 Noncash
 activities:

 Fair
 value of warrants issued with debt

 $
 490,668

 $
 90,000

 Fair value of common stock issued with debt

 $
 56,314

 $
 -

 Fair
 value of shares issued for settlement of liability

 $
 65,198

 $
 -

 Initial
 ROU asset and lease liability

 $
 4,269,881

 $
 -

 Fair value of Series B preferred shares issued in exchange for shares of NAYA common stock

 $
 2,172,000

 $
 -

 The
accompanying notes are an integral part of these consolidated financial statements.

 F- 5

 INVO

 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

 DECEMBER

 Note
1 – Summary of Significant Accounting Policies

 Description
of Business

 INVO
Bioscience, Inc. ("INVO" or the "Company") is a healthcare services fertility company dedicated to expanding
the assisted reproductive technology ("ART") marketplace by making fertility care accessible and inclusive to people around
the world. The Company's commercialization strategy is focused on the opening of dedicated "INVO Centers" offering
the INVOcell and IVC procedure (with three centers in North America now operational), the acquisition of US-based, profitable in vitro
fertilization ("IVF") clinics (with one such clinic acquired in August 2023) and the sale and distribution of our technology
solution into existing fertility clinics. The Company's proprietary technology, INVOcell, is a revolutionary medical device that
allows fertilization and early embryo development to take place in vivo within the woman's body. This treatment solution is the
world's first intravaginal culture technique for the incubation of oocytes and sperm during fertilization and early embryo development.

 Basis
of Presentation

 The
accompanying consolidated financial statements present on a consolidated basis the accounts of the Company and its wholly owned subsidiaries
and controlled affiliates. The Company presents noncontrolling interest within the equity section of its consolidated balance sheets
and the amount of consolidated net income (loss) that is attributable to the Company and to the noncontrolling interest in its consolidated
statement of operations. All significant intercompany accounts and transactions have been eliminated in consolidation.

 The
Company uses the equity method of accounting when it owns an interest in an entity whereby it can exert significant influence over but
cannot control the entity's operations.

 The
preparation of the Company's consolidated financial statements requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting periods.

 The
Company considers events or transactions that have occurred after the consolidated balance sheet date of December 31, 2023, but prior
to the filing of the consolidated financial statements with the SEC in this Annual Report on Form 10-K, to provide additional evidence
relative to certain estimates or to identify matters that require additional disclosure, as applicable. Subsequent events have been evaluated
through the date of the filing of this Annual Report on Form 10-K.

 Reclassifications

 Certain
amounts in the consolidated financial statements for the prior year have been reclassified to conform to the current year presentation.
These reclassifications had no impact on net earnings, financial position, or cash flows.

 Business
Segments

 The
Company operates in one segment and therefore segment information is not presented.

 Business
Acquisitions

 The
Company accounts for all business acquisitions at fair value and expenses acquisition costs as they are incurred. Any identifiable assets
acquired and liabilities assumed are recognized and measured at their respective fair values on the acquisition date. If information
about facts and circumstances existing as of the acquisition date is incomplete at the end of the reporting period in which a business
acquisition occurs, the Company will report provisional amounts for the items for which the accounting is incomplete. The measurement
period ends once the Company receives sufficient information to finalize the fair values; however, the period will not exceed one year
from the acquisition date. Any adjustments to provisional amounts that are identified during the measurement period are recognized in
the reporting period in which the adjustment amounts are determined.

 Variable
Interest Entities

 The
Company's consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and variable interest
entities ("VIE"), where the Company is the primary beneficiary under the provisions of ASC 810, Consolidation ("ASC
810"). A VIE must be consolidated by its primary beneficiary when, along with its affiliates and agents, the primary beneficiary
has both: (i) the power to direct the activities that most significantly impact the VIE's economic performance; and (ii) the obligation
to absorb losses or the right to receive the benefits of the VIE that could potentially be significant to the VIE. The Company reconsiders
whether an entity is still a VIE only upon certain triggering events and continually assesses its consolidated VIEs to determine if it
continues to be the primary beneficiary. See "Note 3 – Variable Interest Entities" for additional information on the
Company's VIEs.

 F- 6

 Equity
Method Investments

 Investments
in unconsolidated affiliates, which the Company exerts significant influence but does not control or otherwise consolidate are accounted
for using the equity method. Equity method investments are initially recorded at cost. These investments are included in investment in
joint ventures in the accompanying consolidated balance sheets. The Company's share of the profits and losses from these investments
is reported in loss from equity method joint venture in the accompanying consolidated statements of operations. The Company monitors
its investments for other-than-temporary impairment by considering factors such as current economic and market conditions and the operating
performance of the investees and records reductions in carrying values when necessary.

 Use
of Estimates

 In
preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates
and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at
the date of the consolidated financial statements and revenues and expenses during the reported period. Actual results could differ from
those estimates.

 Cash
and Cash Equivalents

 For
financial statement presentation purposes, the Company considers time deposits, certificates of deposit and all highly liquid investments
with original maturities of three months or less to be cash and cash equivalents. At times, cash and cash equivalents balances exceed
amounts insured by the Federal Deposit Insurance Corporation.

 Inventory

 Inventories
consist of raw materials, work in process and finished goods and are stated at the lower of cost or net realizable value, using the first-in,
first-out method as a cost flow method.

 Property
and Equipment

 The
Company records property and equipment at cost. Property and equipment is depreciated using the straight-line method over the estimated
economic lives of the assets, which are from 3 to 10 years. The Company capitalizes the expenditures for major renewals and improvements
that extend the useful lives of property and equipment. Expenditures for maintenance and repairs are charged to expense as incurred.
The Company reviews the carrying value of long-lived assets for impairment at least annually or whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. The recoverability of long-lived assets is measured by a comparison
of its carrying amount to the undiscounted cash flows that the asset or asset group is expected to generate. If such assets are considered
impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the property, if any, exceeds its
fair market value.

 Long-
Lived Assets

 Long-lived
assets and certain identifiable assets related to those assets are periodically reviewed for impairment whenever circumstances and situations
change such that there is an indication that the carrying amounts may not be recoverable. If the non-discounted future cash flows of
the asset are less than their carrying amount, their carrying amounts are reduced to the fair value and an impairment loss recognized.
There was no impairment recorded during the year ended December 31, 2023, and an impairment of $ 132,227 recorded during the year ended
December 31, 2022.

 F- 7

 Fair
Value of Financial Instruments

 ASC
825-10-50, "Disclosures about Fair Value of Financial Instruments," requires disclosure of the fair value of certain financial
instruments. The carrying value of cash and cash equivalents, accounts payable and borrowings, as reflected in the balance sheets, approximate
fair value because of the short-term maturity of these instruments.

 Effective
January 1, 2008, the Company adopted ASC 820-10, "Fair Value Measurements", which provides a framework for measuring fair
value under GAAP. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability
(an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants
on the measurement date. ASC 820-10 requires that valuation techniques maximize the use of observable inputs and minimize the use of
unobservable inputs.

 Income
Taxes

 The
Company is subject to income taxes in the United States and its domestic tax liabilities are subject to the allocation of expenses in
multiple state jurisdictions. The Company uses the asset and liability method to account for income taxes. Under this method, deferred
income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered
or settled. The recoverability of deferred tax assets is evaluated by assessing the adequacy of future expected taxable income from all
sources, including taxable income in prior carryback years, reversal of taxable temporary differences, forecasted operating earnings
and available tax planning strategies. To the extent the Company does not consider it more-likely-than-not that a deferred tax asset
will be recovered, a valuation allowance is established.

 Concentration
of Credit Risk

 Cash
includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Corporation ("FDIC")
limits. As of December 31, 2023, the Company did not have cash balances in excess of FDIC limits.

Recognition

 The
Company recognizes revenue on arrangements in accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606").
The core principle of ASC 606 is to recognize revenues when promised goods or services are transferred to customers in an amount that
reflects the consideration to which an entity expects to be entitled for those goods or services ASC 606 requires companies to assess
their contracts to determine the timing and amount of revenue to recognize under the new revenue standard. The model has a five-step
approach:

 1.

 Identify
 the contract with the customer.

 2.

 Identify
 the performance obligations in the contract.

 3.

 Determine
 the total transaction price.

 4.

 Allocate
 the total transaction price to each performance obligation in the contract.

 5.

 Recognize
 as revenue when (or as) each performance obligation is satisfied.

 F- 8

generated from the sale of INVOcell is typically recognized at the time the product is shipped, at which time the title passes to the
customer, and there are no further performance obligations.

generated from clinical and lab services related at the Company's affiliated INVO Centers is typically recognized at the time the
service is performed.

 Stock
Based Compensation

 The
Company accounts for stock-based compensation under the provisions of Accounting Standards Codification ("ASC") subtopic
718-10, Compensation ("ASC 718-10"). This statement requires the Company to measure the cost of employee services received
in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the period
in which the employee is required to provide service or based on performance goals in exchange for the award, which is usually the vesting
period.

 Loss
Per Share

 Basic
loss per share calculations are computed by dividing net loss by the weighted-average number of common shares outstanding. Diluted earnings
per share are computed similar to basic earnings per share except that the denominator is increased to include potentially dilutive securities.
The Company's diluted loss per share is the same as the basic loss per share for the years ended December 31, 2023, and 2022, as
the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss.

 Schedule of Earnings Per Share Basic and Diluted

 2023

 2022

 Year
 Ended
 31,

 2023

 2022

 Net
 loss (numerator)

 $
)

 $
)

 Basic
 and diluted weighted-average number of common shares outstanding (denominator)

 1,565,951

 606,130

 Basic
 and diluted net loss per common share

 ( 5.13
)

 ( 17.97
)

 The
Company has excluded the following dilutive securities from the calculation of fully diluted shares outstanding because the result would
have been anti-dilutive:

 Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

 2023

 2022

 As
 of December 31,

 2023

 2022

 Options

 106,753

 64,850

 Convertible
 notes and interest

 42,416

 -

 Convertible preferred shares

 1,200,000

 -

 Unit
 purchase options and warrants

 3,493,269

 30,508

 Total

 4,842,438

 95,358

 F- 9

 Recently
Adopted Accounting Pronouncements

 The
Company has reviewed all recently issued, but not yet effective, accounting pronouncements, and does not believe the future adoption
of any such pronouncements will have a material impact on its financial condition or the results of its operations.

 Note
2 – Liquidity

 Historically,
the Company has funded its cash and liquidity needs through revenue collection, equity financings, notes, and convertible notes. For
the years ended December 31, 2023 and 2022, the Company incurred a net loss of approximately $ 8.0
million and $ 10.9
million, respectively, and has an accumulated deficit of approximately $ 57.8
million as of December 31, 2023. Approximately $ 2.8
million of the net loss was related to non-cash expenses for the year ended December 31, 2023, compared to $ 3.0
million for the year ended December 31, 2022.

 The
Company has been dependent on raising capital through debt and equity financings to meet its needs for cash used in operating and
investing activities. During 2022, the Company received proceeds of $ 0.8
million from demand notes and net proceeds of approximately $ 0.3
million for the sale of its common stock. During 2023, the Company received proceeds of $ 3.2
million from notes and net proceeds of approximately $ 5.7
million for the sale of its common stock. Over the next 12 months, the Company's plan includes growing the Wisconsin Fertility
Institute and pursuing additional IVF clinic acquisitions. Until the Company can generate positive cash from operations, it will
need to raise additional funding to meet its liquidity needs and to execute its business strategy. As in the past, the Company will
seek debt and/or equity financing, which may not be available on reasonable terms, if at all.

 Although
the Company's audited consolidated financial statements for the year ended December 31, 2023 were prepared under the assumption
that it would continue operations as a going concern, the report of the Company's independent registered public accounting firm
that accompanies the Company's consolidated financial statements for the year ended December 31, 2023 contains a going concern
qualification in which such firm expressed substantial doubt about the Company's ability to continue as a going concern, based
on the consolidated financial statements at that time. Specifically, as noted above, the Company has incurred significant operating losses
and the Company expects to continue to incur significant expenses and operating losses as it continues to ramp up the commercialization
of INVOcell and develop new INVO Centers. These prior losses and expected future losses have had, and will continue to have, an adverse
effect on the Company's financial condition. If the Company cannot continue as a going concern, its stockholders would likely lose
most or all of their investment in the Company.

 Note
3 – Business Combinations

 Wisconsin
Fertility Institute

 On
August 10, 2023, INVO, through Wood Violet Fertility LLC, a Delaware limited liability company ("Buyer") and wholly owned
subsidiary of INVO Centers LLC ("INVO CTR"), a Delaware company wholly-owned by INVO, consummated its acquisition of the
Wisconsin Fertility Institute ("WFI") for a combined purchase price of $ 10 million, of which $ 2.5 million was paid on the
closing date (net cash paid was $ 2,150,000 after a $ 350,000 holdback) plus assumption of the inter-company loan owed by WFRSA (as defined
below) in the amount of $ 528,756. The remaining three installments of $ 2.5 million each will be paid on the subsequent three anniversaries
of closing. The sellers have the option to take all or a portion of the final three installments in shares of INVO common stock valued
at $ 125.00, $ 181.80, and $ 285.80, for the second, third, and final installments, respectively.

 WFI
is comprised of (a) a medical practice, Wisconsin Fertility and Reproductive Surgery Associates, S.C., a Wisconsin professional service
corporation d/b/a Wisconsin Fertility Institute ("WFRSA"), and (b) a laboratory services company, Fertility Labs of Wisconsin,
LLC, a Wisconsin limited liability company ("FLOW"). WFRSA owns, operates and manages WFI's fertility practice that
provides direct treatment to patients focused on fertility, gynecology and obstetrics care and surgical procedures, and employs physicians
and other healthcare providers to deliver such services and procedures. FLOW provides WFRSA with related laboratory services.

 INVO
purchased the non-medical assets of WFRSA and one hundred percent of FLOW's membership interests. The Buyer and WFRSA entered into
a management services agreement pursuant to which WFRSA outsourced all its non-medical activities to the Buyer.

 The
Company's consolidated financial statements for the year ended December 31, 2023 include WFI's results of operations. For
the year ended December 31, 2023, WFI's results of operations are included from the acquisition date of August 10, 2023 through
December 31, 2023. The Company's consolidated financial statements reflect the preliminary purchase accounting adjustments
in accordance with ASC 805 "Business Combinations", whereby the purchase price was allocated to the assets acquired and liabilities
assumed based upon their estimated fair values on the acquisition date.

 F- 10

 The
following allocation of the purchase price is as follows:

of Allocation of Purchase Price

 Consideration
 given:

 Cash

 2,150,000

 Holdback

 350,000

 payments

 7,500,000

 Business acquisition cost

 10,000,000

 Assets
 and liabilities acquired:

 FLOW
 intercompany receivable

 528,756

 Accounts receivable

 214,972

 Property
 and equipment, net

 25,292

 Other current assets

 56,274

 Tradename

 253,000

 Noncompetition
 agreement

 3,961,000

 Goodwill

 5,878,986

 Deferred revenue

 ( 389,524

)

 WFRSA
 intercompany note

 ( 528,756
)

 Total assets and liabilities acquired

 10,000,000

 Pro
Forma Financial Information

 The
following unaudited pro forma consolidated results of operations for the years ended December 31, 2023 and 2022 assume the acquisition
was completed on January 1, 2022:

 Schedule of Pro Forma Financial Information

 2023

 2022

 Year
 Ended December 31,

 2023

 2022

 Pro
 forma revenue

 6,228,171

 6,201,871

 Pro
 forma net loss

 ( 7,123,212
)

 ( 9,208,504
)

 Pro
forma data does not purport to be indicative of the results that would have been obtained had these events actually occurred at the beginning
of the periods presented and is not intended to be a projection of future results. The share and per share data have been retroactively
reflected for the acquisition.

 As of December 31, 2023, the Company has $ 259,407
in undeposited funds held in reserve that it intends to use towards the Holdback amount once it becomes due.

 Note
4 – Variable Interest Entities

 Consolidated
VIEs

 Bloom

 On
June 28, 2021, INVO Centers LLC, a Delaware limited liability company ("INVO CTR") entered into a limited liability company
operating agreement (the "Bloom Agreement") with Bloom Fertility, LLC ("Bloom") to establish a joint venture
entity, formed as "Bloom INVO LLC" (the "Georgia JV"), for the purposes of commercializing INVOcell, and the
related IVC procedure, through the establishment of an INVO Center, (the "Atlanta Clinic") in the Atlanta, Georgia metropolitan
area.

 In
consideration for INVO's commitment to contribute up to $ 800,000 within the 24-month period following the execution of the Bloom
Agreement to support the start-up operations of the Georgia JV, the Georgia JV issued 800 of its units to INVO CTR and in consideration
for Bloom's commitment to contribute physician services having an anticipated value of up to $ 1,200,000 over the course of a 24-month
vesting period, the Georgia JV issued 1,200 of its units to Bloom.

 The
responsibilities of Bloom include providing all medical services required for the operation of the Atlanta Clinic. The responsibilities
of INVO CTR include providing certain funding to the Georgia JV, lab services quality management, and providing access to and being the
exclusive provider of the INVOcell to the Georgia JV. INVO CTR also performs all required, industry specific compliance and accreditation
functions, and product documentation for product registration.

 F- 11

 The
Bloom Agreement provides Bloom with a "profits interest" in the Georgia JV and, in connection with such profits interest,
states that profits and losses be allocated to its members based on a hypothetical liquidation of the Georgia JV. In such a scenario,
liquidation proceeds would be distributed in the following order: (a) to INVO CTR until the difference between its capital contributions
and distributions (the "Hurdle Amount") equals $ 0; (b) to Bloom until its distributions equal 150 % of the liquidation amounts
distributed to INVO CTR (a "catch-up" to rebalance the distributions between members); and (c) thereafter on a pro rata basis.
The Georgia JV had no assets or liabilities at the time the units were issued, and, as of December 31, 2023, INVO CTR had made capital
contributions greater than the net loss of the Georgia JV. As such, the entire net loss was allocated to INVO CTR, and no loss was allocated
to the noncontrolling interest of Bloom.

 The
Georgia JV opened to patients on September 7, 2021.

 The
Company determined the Georgia JV is a VIE, and that the Company is its primary beneficiary because the Company has an obligation to
absorb losses that are potentially significant and the Company controls the majority of the activities that impact the Georgia JV's
economic performance, specifically control of the INVOcell and lab services quality management. As a result, the Company consolidated
the Georgia JV's results with its own. As of December 31, 2023, the Company invested $ 0.9 million in the Georgia JV in the form
of capital contributions as well as $ 0.5 million in the form of a note. For the years ended December 31, 2023 and 2022, the Georgia JV
recorded net losses of $ 0.2 million and $ 0.6 million, respectively. Noncontrolling interest in the Georgia JV was $ 0.

 Unconsolidated
VIEs

 HRCFG

 On
March 10, 2021, INVO CTR entered into a limited liability company agreement with HRCFG, LLC ("HRCFG") to form a joint venture
for the purpose of establishing an INVO Center in Birmingham, Alabama. The name of the joint venture entity is HRCFG INVO, LLC (the "Alabama
JV"). The Company also provides certain funding to the Alabama JV. Each party owns 50 % of the Alabama JV.

 The
Alabama JV opened to patients on August 9, 2021.

 The
Company determined the Alabama JV is a VIE, and that there is no primary beneficiary. As a result, the Company uses the equity method
to account for its interest in the Alabama JV. As of December 31, 2023, the Company invested $ 1.4 million in the Alabama JV in the form
of a note. For the years ended December 31, 2023 and 2022, the Alabama JV recorded net losses of $ 0.03 million and $ 0.3 million, respectively,
of which the Company recognized losses from equity method investments of $ 0.02 million and $ 0.2 million, respectively.

 On
September 24, 2020, INVO CTR entered into a Pre-Incorporation and Shareholders Agreement with Francisco Arredondo, MD PLLC ("Arredondo")
and Security Health LLC, a Texas limited liability company ("Ramirez", and together with INVO CTR and Arredondo, the "Shareholders")
under which the Shareholders will commercialize the IVC procedure and offer related medical treatments in Mexico. Each party owns one-third
of the Mexican incorporated company, Positib Fertility, S.A. de C.V. (the "Mexico JV").

 The
Mexico JV opened to patients on November 1, 2021.

 The
Company determined the Mexico JV is a VIE, and that there is no primary beneficiary. As a result, the Company uses the equity method
to account for its interest in the Mexico JV. As of December 31, 2023, the Company invested $ 0.1
million in the Mexico JV. For the years ended December 31, 2023 and 2022, the Mexico JV recorded net losses of $ 0.1
million and $ 0.1
million, respectively, of which the Company recognized a loss from equity method investments of $ 0.04
million and $ 0.05
million, respectively. As of December 31, 2023 the Company determined that this investment is impaired and recognized an impairment of $ 0.09 million.

 F- 12

 The
following table summarizes our investments in unconsolidated VIEs:

 Schedule of Investments in Unconsolidated Variable Interest Entities

 Carrying
 Value as of

 Location

 Percentage
 Ownership

 HRCFG

 Alabama,
 United States

 %

 $
 916,248

 1,106,905

 %

 -

 130,960

 Total
 investment in unconsolidated VIEs

 $
 916,248

 1,237,865

 Earnings
from investments in unconsolidated VIEs were as follows:

 Schedule of Earnings from Investments in Unconsolidated Variable Interest Entities

 2023

 2022

 Year
 Ended December 31,

 2023

 2022

 HRCFG

 $
 ( 16,293
)

 ( 154,954
)

 ( 43,977
)

 ( 45,604
)

 Total
 earnings from unconsolidated VIEs

 $
 ( 60,270
)

 ( 200,558
)

 The
following tables summarize the combined unaudited financial information of our investments in unconsolidated VIEs:

 Schedule of Financial Information of Investments in Unconsolidated Variable Interest Entities

 2023

 2022

 Year
 Ended December 31,

 2023

 2022

 Statements
 of operations:

 Operating

 $
 1,484,359

 1,071,851

 Operating
 expenses

 ( 1,648,890
)

 ( 1,565,558
)

 Net
 loss

 $
 ( 164,531
)

 ( 493,707
)

 sheets:

 $
 288,369

 267,502

 Long-term

 1,026,873

 1,094,490

 ( 510,091
)

 ( 396,619
)

 Long-term

 ( 123,060
)

 ( 107,374
)

 Net

 $
 682,091

 857,999

 Note
5 – Agreements and Transactions with VIE's

 The
Company sells the INVOcell to its consolidated and unconsolidated VIEs and anticipates continuing to do so in the ordinary course of
business. All intercompany transactions with consolidated entities are eliminated in the Company's consolidated financial statements.
Per ASC 323-10-35-8 the Company eliminates any sales to an unconsolidated VIE for INVOcell inventory that the VIE still has remaining
on the books at period end.

 The
following table summarizes the Company's transactions with VIEs:

 Summary of Transaction with Variable Interest Entities

 2023

 2022

 Year
 Ended December 31,

 2023

 2022

 Bloom
 Invo, LLC

 $
 24,000

 13,500

 Unconsolidated
 VIEs

 $
 6,315

 30,000

 The
Company had balances with VIEs as follows:

 Summary of Balances with Variable Interest Entities

 Bloom
 Invo, LLC

 receivable

 $
 31,500

 13,500

 Notes
 payable

 482,656

 468,031

 Unconsolidated
 VIEs

 receivable

 $
 15,000

 46,310

 F- 13

 Note
6 – Inventory

 Components
of inventory are:

 Schedule of Inventory

 Raw
 materials

 $
 53,479

 $
 68,723

 Finished
 goods

 211,028

 194,879

 Total
 inventory

 $
 264,507

 $
 263,602

 Note
7 – Property and Equipment

 The
estimated useful lives and accumulated depreciation for equipment are as follows as of December 31, 2023, and December 31, 2022:

 Schedule of Estimated Useful Lives of Property and Equipment

 Estimated
 Useful Life

 Manufacturing

 to 10 years

 Medical

 years

 Office

 to 7 years

 Schedule of Property and Equipment

 Manufacturing

 $
 132,513

 $
 132,513

 Medical

 303,943

 283,065

 Office

 85,404

 77,601

 Leasehold
 improvements

 538,151

 96,817

 Property, plant and equipment, gross

 538,151

 96,817

 Less:
 accumulated depreciation

 ( 233,593
)

 ( 153,267
)

 Total
 equipment, net

 $
 826,418

 $
 436,729

each of the years ended December 31, 2023, and 2022, the Company recorded depreciation expense of $ 80,325 and $ 75,492, respectively.

 Note
8 – Intangible Assets & Goodwill

 Components
of intangible assets are as follows:

 Schedule of Finite-Lived Intangible Assets

 31,

 2022

 Tradename

 $
 253,000

 $
 -

 Noncompetition
 agreement

 3,961,000

 -

 Goodwill

 5,878,986

 -

 Less: accumulated amortization

 ( 120,569
)

 -

 Total
 intangible assets

 $
 9,972,417

 $
 -

 The
Company capitalizes the initial expense related to establishing patents by country and then amortizes the expense over the life of the
patent, typically 20 years. It then expenses annual filing fees to maintain the patents. The Company regularly reviews the value of its
patents in the marketplace in proportion to the expense it must spend to maintain the patent. The Company fully impaired its patents
as of December 31, 2022.

the years ended December 31, 2023, and 2022, the Company recorded amortization expenses related to patents of $ 0 and $ 1,809, respectively.

 The
trademarks have an indefinite life and therefore are not amortized. Trademarks are periodically reviewed for impairment whenever circumstances
and situations change such that there is an indication that the carrying amounts may not be recoverable. The Company fully impaired its
trademarks related to the INVO name as of December 31, 2022.

 As part of the acquisition of Wisconsin
Fertility Institute, that closed on August 10, 2023, the Company acquired tradename valued at $ 253,000,
noncompetition agreements valued at $ 3,961,000
and goodwill of $ 5,878,986
 which includes assembled workforce valued at $ 34,000.
The tradename was deemed to have a useful life of 10 years. The noncompetition agreements were deemed to have a useful life of 15 years.

 Goodwill has an indefinite useful life and is therefore not amortized. The Company reviewed and found no indicators
for impairment of the intangible assets related to the acquisition of Wisconsin Fertility Institute as of December 31, 2023.

 F- 14

 Note
9 – Leases

 The
Company has various operating lease agreements in place for its office and joint ventures. Per FASB's ASU 2016-02, Leases Topic
842 ("ASU 2016-02"), effective January 1, 2019, the Company is required to report a right-of-use asset and corresponding
liability to report the present value of the total lease payments, with appropriate interest calculation. Per the terms of ASU 2016-02,
the Company can use its implicit interest rate, if known, or applicable federal rate otherwise. Since the Company's implicit interest
rate was not readily determinable, the Company utilized the applicable federal rate, as of the commencement of the lease. Lease renewal
options included in any lease are considered in the lease term if it is reasonably certain the Company will exercise the option to renew.
The Company's operating lease agreements do not contain any material restrictive covenants.

 As
of December 31, 2023, the Company's lease components included in the consolidated balance sheet were as follows:

 Schedule of Lease Components

 Lease
 component

 sheet classification

 31,
 2023

 Assets

 ROU
 assets - operating lease

 Other

 $
 5,740,929

 Total
 ROU assets

 $
 5,740,929

 Liabilities

 operating lease liability

 $
 397,554

 Long-term
 operating lease liability

 Other

 5,522,090

 Total
 lease liabilities

 $
 5,919,644

minimum lease payments as of December 31, 2023 were as follows:

of Future Minimum Lease Payments

 2024

 616,158

 2025

 622,676

 2026

 638,469

 2027

 632,152

 2028
 and beyond

 5,311,766

 Total
 future minimum lease payments

 $

 7,821,221

 Less:

 ( 1,901,577

)

 Total
 operating lease liabilities

 $

 5,919,644

 F- 15

 Note
10 – Notes Payable

 Notes
payables consisted of the following:

of Notes Payable

 Note
 payable. 35 % - 100 % cumulative interest. Matures on June 29, 2028

 $
 1,451,244

 $
 -

 Related
 party demand notes with a 10 % financing fee. 10 % annual interest from issuance. Notes are callable starting March 31, 2023

 880,000

 770,000

 Convertible
 notes. 10 % annual
 interest. Conversion price of $ 2.25

 410,000

 100,000

 Cash
 advance agreement

 287,604

 -

 Less
 debt discount and financing costs

 $
 ( 264,932
)

 $
 ( 107,356
)

 Total,
 net of discount

 2,763,916

 762,644

 Related
Party Demand Notes

 In
the fourth quarter of 2022, the Company received $ 550,000 through the issuance of five demand notes (the "JAG Notes") from
a related party, JAG Multi Investments LLC ("JAG"). The Company's Chief Financial Officer is a beneficiary of JAG but does not have any
control over JAG's investment decisions with respect to the Company. The JAG Notes accrue 10% annual interest from their respective
dates of issuance. At maturity, the Company agreed to pay outstanding principal, a 10% financing fee and accrued interest. On July 10,
2023, the Company received an additional $ 100,000 from JAG through the issuance of an additional demand note.

 In
consideration for subscribing to the JAG Note for $ 100,000 dated December 29, 2022, and for agreeing to extend the date on which the
other JAG Notes are callable to March 31, 2023, the Company issued JAG a warrant to purchase 17,500 shares of Common Stock. The warrant
may be exercised for a period of five ( 5) years from issuance at a price of $ 10.00 per share. The financing fees for said JAG Note and
the fair value of the warrant issued were capped at the total proceeds. The relative fair value of the warrant was recorded as a debt
discount and as of December 31, 2023 the Company had fully amortized the discount. On July 10, 2023 JAG agreed to extend the date on
which the JAG Notes are callable to September 30, 2023.

 In
the fourth quarter of 2022, the Company received $ 200,000
through the issuance of demand promissory notes of which (1) $ 100,000
was received from its Chief Executive Officer ( $ 60,000
on November 29, 2022, $ 15,000
on December 2, 2022, and $ 25,000
on December 13, 2022) and (2) $ 100,000
was received from an entity controlled by its Chief Financial Officer ( $ 75,000
on November 29, 2022 and $ 25,000
on December 13, 2022). These notes accrue
10% annual interest accrues from the date of issuance. These notes are callable with 10 days prior written notice. At maturity, the
Company agreed to pay outstanding principal, a 10% financing fee and accrued interest.

 The
financing fees for all demand notes were recorded as a debt discount and as of December 31, 2023 the Company had fully amortized the
discount.

 For
the year ended December 31, 2023, the Company incurred $ 75,889 in interest related to these demand notes.

 Jan
and March 2023 Convertible Notes

 In
January and March 2023, the Company issued $ 410,000
of convertible notes ("Q1 23 Convertible Notes"), for $ 310,000
in cash and the conversion of $ 100,000
of demand notes from the fourth quarter of 2022. These convertible notes were issued with fixed conversion prices of $ 10.00
(for the $ 275,000
issued in January 2023) and $ 12.00
(for the $ 135,000
issued in March 2023) and (ii) 5 -year
warrants to purchase 19,375
shares of the Common Stock at an exercise price of $ 20.00.

 The
cumulative fair value of the warrants at issuance was $ 132,183. This was recognized as a debt discount and will to be amortized on a
straight-line basis over the life of the respective notes. For the year ending December 31, 2023 the Company amortized $ 132,183 of the
debt discount and as of December 31, 2023 was fully amortized.

on these notes accrues at a rate of ten percent ( 10 %) per annum and is payable at the holder's option either in cash or in shares
of Common Stock at the conversion price set forth in the notes on December 31, 2023, unless converted earlier. For the year ended December
31, 2023 the Company incurred $ 38,411 in interest related to these convertible notes.

 All
amounts due under these notes are convertible at any time after the issuance date, in whole or in part (subject to rounding for fractional
shares), at the option of the holders into the Common Stock at a fixed conversion price for the notes as described above.

 As of December 27, 2023, the Company secured written consent by the note holders of the Q1 23 Convertible Notes for the maturity date
to be extended to June 30, 2024. As an incentive for the Q1 23 Convertible Note holders to approve the extension, the Company agreed to
lower both the Q1 23 Convertible Notes fixed conversion price and the related warrant exercise price to $ 2.25. The maturity date extension
and the conversion and exercise price reduction applies to all Q1 23 Convertible Notes. As the terms for the note were deemed substantial different, the Company recognized a $ 163,278 loss from debt extinguishment
related to the change in terms.

 F- 16

 February
2023 Convertible Debentures

 On
February 3, and February 17, 2023, the Company entered into securities purchase agreements (the "February Purchase Agreements")
with accredited investors (the "February Investors") for the purchase of (i) convertible debentures of the Company in the
aggregate original principal amount of $ 500,000 (the "February Debentures") for a purchase price of $ 450,000, (ii) warrants
(the "February Warrants") to purchase 12,500 shares (the "February Warrant Shares") of Common Stock at an exercise
price of $ 15.00 per share, and (iii) 4,167 shares of Common Stock issued as an inducement for issuing the February Debentures. The proceeds,
net of placement agent and legal fees, were used for working capital and general corporate purposes.

 The
cumulative fair value of the warrants at issuance was $ 291,207. This was recognized as a debt discount and will be amortized on a straight-line
basis over the life of the respective notes. For the year ended December 31, 2023 the Company amortized $ 347,520 of the debt discount
and as of December 31, 2023 the Company had fully amortized the discount.

to the February Debentures, interest on the February Debentures accrued at a rate of eight percent ( 8 %) per annum payable at maturity,
one year from the date of the February Debentures. For the year ended December 31, 2023 the Company incurred $ 9,640 in interest on the
February Debentures.

 All
amounts due under the February Debentures were convertible at any time after the issuance date, in whole or in part, at the option of
the February Investors into Common Stock at an initial price of $ 10.40 per share. This conversion price was subject to adjustment for
stock splits, combinations or similar events and anti-dilution provisions, among other adjustments and is subject to a floor price.

 The
Company could prepay the February Debentures at any time in whole or in part by paying a sum of money equal to 105 % of the principal
amount to be redeemed, together with accrued and unpaid interest.

 While
any portion of each February Debenture remained outstanding, if the Company received cash proceeds of more than $ 2,000,000 (the "Minimum
Threshold") in the aggregate from any source or series of related or unrelated sources, the February Investors had the right in
their sole discretion to require the Company to immediately apply up to 50 % of all proceeds received by the Company above the Minimum
Threshold to repay the outstanding amounts owed under the February Debentures. In April 2023, the Company used $ 360,151 in proceeds from
the RD Offering (as described in Note 11 below) to repay a portion of the February Debentures. On August 8, 2023, the Company repaid
the remaining balance of $ 139,849 with proceeds from the August Public Offering (as described in Note 16 below).

 The
February Warrants included anti-dilution protection whereby a subsequent offering priced below the February Warrants' strike price
then in effect would entitle the February Investors to a reduction of such strike price to the price of such subsequent offering and
an increase in the February Warrant Shares determined by dividing the dollar amount for which the February Warrants are exercisable by
such lower strike price. As a result of the $ 2.85 unit purchase price of the August Public Offering (as described in Note 16 below),
following consummation of the August Public Offering, the February Warrants now entitle the February Investors to purchase a total 65,790
at an exercise price of $ 2.85 per February Warrant Share. On August 8, 2023, the Company issued 26,391 shares of Common Stock upon exercise
of one of the February Warrants on a net-exercise basis and on August 21, 2023, the Company issued 17,594 shares of Common Stock upon
exercise of the other February Warrant on a net-exercise basis. Following these exercises, there were no February Warrants outstanding.

 Standard
Merchant Cash Advance

 On
July 20, 2023, the Company entered into a Standard Merchant Cash Advance Agreement (the "Cash Advance Agreement") with Cedar
Advance LLC ("Cedar") under which Cedar purchased $ 543,750 of the Company's receivables for a gross purchase price
of $ 375,000 (the "Initial Advance"). The Company received cash proceeds of $ 356,250, net of a financing fee. Until the purchase
price is repaid, the Company agreed to pay Cedar $ 19,419.64 per week. Since, through the refinancing described below, the Company repaid
Cedar within 30 days, the amount payable under the Initial Advance was reduced from $ 543,750 to $ 465,000.

 F- 17

 On
August 31, 2023, the Company refinanced the Initial Advance through the purchase by Cedar of $ 746,750 of the Company's receivables
for a gross purchase price of $ 515,000 (the "Refinanced Advance"). The Company received net cash proceeds of $ 134,018 after
applying $ 390,892 towards the repayment of the Initial Advance. The new Cash Advance Agreement provides that if the Company repays the
Refinanced Advance within 30 days then the amount payable to Cedar shall be reduced to $ 643,750, and if the Refinanced Advance is repaid
on days 31 to 60 then the amount payable to Cedar shall be reduced to $ 674,650. Until the purchase price is repaid, the Company agreed
to pay Cedar $ 16,594 per week. On September 29, 2023, the Company repaid $ 0.3 million of the Cash Advance Agreement with proceeds from
the RLSA Loan (as defined below). As a result of such payment, the weekly payment was reduced to $ 9,277.

 The
financing fees were recorded as a debt discount. For the year ended December 31, 2023 the Company amortized $ 122,279 of the debt discount
and as of December 31, 2023 had a remaining debt discount balance of $ 250,721.

Loan and Security Agreement

 On
September 29, 2023, the Company, Steven Shum, as a Key Person, and the Company's wholly-owned subsidiaries Bio X Cell, Inc, INVO
CTR, Wood Violet Fertility LLC, FLOW and Orange Blossom Fertility LLC as guarantors (the "Guarantors"), entered into a Revenue
Loan and Security Agreement (the "Loan Agreement") with Decathlon Alpha V LP (the "Lender") under which the Lender
advanced a gross amount of $ 1,500,000 to the Company (the "RSLA Loan"). The RSLA Loan has a maturity date of June 29, 2028,
is payable in fixed monthly installments, as set forth in the Loan Agreement, and may be prepaid without penalty at any time. The installments
include an interest factor that varies based on when the RSLA Loan is fully repaid and is based on a minimum amount that increases from
thirty five percent ( 35 %) of the RSLA Loan principal, if fully repaid in the first six months, to one hundred percent ( 100 %) of the RSLA Loan principal, if
fully repaid after 30 months from the RSLA Loan's effective date.

 The
financing fees for the RSLA Loan were recorded as a debt discount. For the year ended December 31, 2023, the Company amortized
$ 790
of the debt discount and as of December 31, 2023 had a remaining debt discount balance of $ 14,211. For the year ended December 31, 2023 the Company incurred $ 41,244 in interest related to the RSLA Loan.

 Note
11 – Related Party Transactions

 In
the fourth quarter of 2022, the Company received $ 700,000 through the issuance of demand notes from related parties, as follows: (a)
 $ 500,000 from JAG; (b) $ 100,000 from our Chief Executive Officer; and (c) $ 100,000 from our Chief Financial Officer. On July 10, 2023, the Company received an additional $ 100,000 through the issuance of a demand note from JAG. The Company's
Chief Financial Officer is a beneficiary of JAG but does not have any control over JAG's investment decisions with respect to the Company. See Note
10 of the Notes to Consolidated Financial Statements for additional information.

 As
of December 31, 2023 the Company owed accounts payable to related parties totaling $ 228,907, primarily related to unpaid employee expense
reimbursements and unpaid board fees.

 F- 18

 Note
12 – Stockholders' Equity

 Reverse
Stock Split

 On
June 28, 2023, the Company's board of directors approved a reverse stock split of the Company's common stock at a ratio of
1-for-20 and also approved a proportionate decrease in its authorized common stock to 6,250,000 shares from 125,000,000. On July 26,
2023, the Company filed a certificate of change (with an effective date of July 28, 2023) with the Nevada Secretary of State pursuant
to Nevada Revised Statutes 78.209 to effectuate a 1-for-20 reverse stock split of its outstanding common stock. On July 27, 2023, the
Company received notice from Nasdaq that the reverse split would take effect at the open of business on July 28, 2023, and the reverse
stock split took effect on that date. All share information included in this Form 10-Q has been reflected as if the reverse stock split
occurred as of the earliest period presented.

 Increase
in Authorized Common Stock

 On
October 13, 2023, shareholders of the Company approved an increase to the number of authorized shares of the Company's common stock
from 6,250,000 shares to 50,000,000 shares as set forth below. On October 13, 2023, the Company filed a Certificate of Amendment to its
Articles of Incorporation to increase its authorized shares of common stock from 6,250,000 shares to 50,000,000 shares.

 Series
A Preferred Stock

 On
November 20, 2023, the Company filed with the Nevada Secretary of State a Certificate of Designation of Series A Convertible Preferred
Stock (the "Series A Certificate of Designation") which sets forth the rights, preferences, and privileges of the Series
A Preferred Stock (the "Series A Preferred"). One million ( 1,000,000) shares of Series A Preferred with a stated value of
$ 5.00 per share were authorized under the Series A Certificate of Designation.

 Each
share of Series A Preferred has a stated value of $ 5.00, which is convertible into shares of the Company's common stock (the "Common
Stock") at a fixed conversion price equal to $ 2.20 per share, subject to adjustment. The Company may not effect the conversion
of any shares of Series A Preferred if, after giving effect to the conversion or issuance, the holder, together with its affiliates,
would beneficially own more than 9.99% of the Company's outstanding Common Stock. Moreover, the Company may not effect the
conversion of any shares of Series A Preferred if, after giving effect to the conversion or issuance, the holder, together with its affiliates,
would beneficially own more than 19.99% of the Company's outstanding Common Stock unless and until the Company receives the
approval required by the applicable rules and regulations of The Nasdaq Stock Market LLC (or any subsequent trading market).

 Each
share of Series A Preferred stock shall automatically convert into Common Stock upon the closing of a merger (the "Merger")
of INVO Merger Sub Inc., a wholly owned subsidiary of the Company and a Delaware corporation ("Merger Sub"), with and into
NAYA Biosciences, Inc., a Delaware corporation ("NAYA") pursuant to an Agreement and Plan of Merger, as amended, by and among
the Company, Merger Sub, and NAYA (the "Merger Agreement").

 The
holders of Series A Preferred shall be entitled to receive a pro-rata portion, on an as-if converted basis, of any dividends payable
on Common Stock.

 In
the event of any voluntary or involuntary liquidation, dissolution, or winding up, or sale of the Company (other than the Merger), each
holder of Series A Preferred shall be entitled to receive its pro rata portion of an aggregate payment equal to (i) $ 5.00, multiplied
by (ii) the total number of shares of Series A Preferred Stock issued under the Series A Certificate of Designation.

 Other
than those rights provided by law, the holders of Series A Preferred shall not have any voting rights.

 On
December 29, 2023, the Company entered into securities
purchase agreement (the "Preferred Series A SPA") with NAYA for the purchase of 1,000,000 shares of the Company's Series
A Preferred Stock at a purchase price of $ 5.00 per share. The parties agreed that NAYA's purchases will be made in tranches in
accordance with the following schedule: (1) $ 500,000 no later than Dec 29, 2023; (2) $ 500,000 no later than January 19, 2024; (3) $ 500,000
no later than February 2, 2024; (4) $ 500,000 no later than February 16, 2024; and (5) an additional amount as may be required prior to
closing of the previously announced merger by and among the Company, INVO Merger Sub, Inc. and NAYA, and to be determined in good faith
by the parties to adequately support the Company's fertility business activities per an agreed forecast, as well as for a period
of twelve (12) months post-closing including a catch-up on the Company's past due accrued payables still outstanding. The
 Preferred Series A SPA contains customary representations, warranties and covenants of the
Company and NAYA.

 On
January 4, 2024, the Company and NAYA closed on 100,000 shares of Series A Preferred Stock in the first tranche of this private offering
for gross proceeds of $ 500,000. On April 15, 2024, the Company and NAYA closed on additional 61,200
shares of Series A Preferred Stock for additional gross proceeds of $ 306,000.

 F- 19

 Series
B Preferred Stock

 On
November 20, 2023, the Company filed with the Nevada Secretary of State a Certificate of Designation of Series B Convertible Preferred
Stock (the "Series B Certificate of Designation") which sets forth the rights, preferences, and privileges of the Series
B Preferred Stock (the "Series B Preferred"). One million two hundred ( 1,200,000) shares of Series B Preferred with a stated
value of $ 5.00 per share were authorized under the Series B Certificate of Designation.

 Each
share of Series B Preferred has a stated value of $ 5.00, which is convertible into shares of the Company's common stock (the "Common
Stock") at a fixed conversion price equal to $ 5.00 per share, subject to adjustment. The Company may not effect the conversion
of any shares of Series B Preferred if, after giving effect to the conversion or issuance, the holder, together with its affiliates,
would beneficially own more than 19.99 % of the Company's outstanding Common Stock unless and until the Company receives the
approval required by the applicable rules and regulations of Nasdaq (or any subsequent trading market).

 Each
share of Series B Preferred stock shall automatically convert into Common Stock upon the closing of the Merger.

 The
holders of Series B Preferred shall be entitled to receive a pro-rata portion, on an as-if converted basis, of any dividends payable
on Common Stock.

 In
the event of any voluntary or involuntary liquidation, dissolution, or winding up, or sale of the Company (other than the previously
announced merger with NAYA), each holder of Series B Preferred shall be entitled to receive its pro rata portion of an aggregate payment
equal to (i) $ 5.00, multiplied by (ii) the total number of shares of Series B Preferred Stock issued under the Series B Certificate of
Designation.

 Other
than those rights provided by law, the holders of Series B Preferred shall not have any voting rights.

 On
November 19, 2023, the Company entered into a share exchange agreement (the "Share Exchange Agreement") with Cytovia Therapeutics
Holdings, Inc., a Delaware corporation ("Cytovia") for Cytovia's acquisition of 1,200,000
 shares of the Company's newly designated
Series B Preferred Stock in exchange for 163,637
 shares of common stock of NAYA held by Cytovia
(the "Share Exchange"). On November 20, 2023, the Company and Cytovia closed on the exchange of shares. As of December 31,
2023, the Company owns approximately 6.5 %
of the outstanding shares of NAYA's common stock and had no significant control over NAYA therefore the asset is accounted for
using the fair value method.

 February
2023 Equity Purchase Agreement

 On
February 3, 2023, the Company entered into an equity purchase agreement (the "ELOC") and registration rights agreement (the
"ELOC RRA") with an accredited investor (the "Feb 3 Investor") pursuant to which the Company has the right, but
not the obligation, to direct the Feb 3 Investor to purchase up to $ 10.0 million (the "Maximum Commitment Amount") of shares
of Common Stock, in multiple tranches. Further, under the ELOC and subject to the Maximum Commitment Amount, the Company has the right,
but not the obligation, to submit notices to the Feb 3 Investor to purchase shares of Common Stock (i) in a minimum amount of not less
than $25,000 and (ii) in a maximum amount of up to the lesser of (a) $750,000 or (b) 200% of the Company's average daily trading
value of the Common Stock.

 Also
on February 3, 2023, the Company issued to the Feb 3 Investor 7,500 shares of Common Stock for its commitment to enter into the ELOC.

 The
obligation of the Feb 3 Investor to purchase shares of Common Stock pursuant to the ELOC ends on the earlier of (i) the date on which
the purchases under the ELOC equal the Maximum Commitment Amount, (ii) 24 months after the date of the ELOC (February 3, 2025), (iii)
written notice of termination by the Company, (iv) the date that the ELOC RRA is no longer effective after its initial effective date,
or (v) the date that the Company commences a voluntary case or any person or entity commences a proceeding against the Company pursuant
to or within the meaning of federal or state bankruptcy law, a custodian is appointed for the Company or for all or substantially all
of its property, or the Company makes a general assignment for the benefit of its creditors (the "Commitment Period").

the Commitment Period, and subject to the shares of Common Stock underlying the ELOC be registered, the price that Feb 3 Investor will
pay to purchase the shares of Common Stock that it is obligated to purchase under the ELOC shall be 97% of the "market price,"
which is defined as the lesser of (i) the lowest closing price of our Common Stock during the 7 trading day-period following the clearance
date associated with the applicable put notice from the Company or (ii) the lowest closing bid price of the Common Stock on the principal
trading market for the Common Stock (currently, the Nasdaq Capital Market) on the trading day immediately preceding a put date.

 To
date, the Company has not been in a position to register the shares underlying the ELOC as a result of standstill agreements related
to the RD Offering and the August 2023 Offering (both as defined below).

 F- 20

 March
2023 Registered Direct Offering

 On
March 23, 2023, INVO entered into a securities purchase agreement (the "March Purchase Agreement") with a certain institutional
investor, pursuant to which the Company agreed to issue and sell to such investor (i) in a registered direct offering (the "RD
Offering"), 69,000 shares of Common Stock, and a pre-funded warrant (the "Pre-Funded Warrant") to purchase up to 115,000
shares of Common Stock, at an exercise price of $ 0.20 per share, and (ii) in a concurrent private placement (the "March Warrant
Placement"), a common stock purchase warrant (the "March Warrant"), exercisable for an aggregate of up to 276,000 shares
of Common Stock, at an exercise price of $ 12.60 per share. The securities to be issued in the RD Offering (priced at the marked under
Nasdaq rules) were offered pursuant to the Company's shelf registration statement on Form S-3 (File 333-255096), initially filed
by the Company with the SEC under the Securities Act, on April 7, 2021 and declared effective on April 16, 2021. All Pre-Funded Warrants
were exercised by the investor in June 2023.

 The
March Warrant (and the shares of Common Stock issuable upon the exercise of the March Warrant) was not registered under the Securities
Act and was offered pursuant to an exemption from the registration requirements of the Securities Act provided in Section 4(a)(2) of
the Securities Act and Rule 506(b) promulgated thereunder. The March Warrant is immediately exercisable upon issuance, will expire eight
years from the date of issuance, and in certain circumstances may be exercised on a cashless basis.

 On
March 27, 2023, the Company closed the RD Offering and March Warrant Placement, raising gross proceeds of approximately $ 3 million before
deducting placement agent fees and other offering expenses payable by the Company. In the event the March Warrant were fully exercised
for cash, the Company would receive additional gross proceeds of approximately $ 3.5 million. Under the March Purchase Agreement, the
Company was entitled to use a portion of the net proceeds of the offering to (a) repay the February Debentures, and (b) to make the down
payment for the WFI acquisition. The remainder of the net proceeds could be used for working capital, capital expenditures, and other
general corporate purposes. The Company used $ 383,879 in proceeds to repay a portion of the February Debentures and related fees and
interest and the remainder of the proceeds were used for working capital and general corporate purposes.

 August
2023 Public Offering

 On
August 4, 2023, the Company, entered into securities purchase agreements (the "Purchase Agreements") with certain institutional
and other investors, pursuant to which the Company agreed to issue and sell to such investors in a public offering (the "August
2023 Offering"), 1,580,000 units (the "Units") at a price of $ 2.85 per Unit, with each Unit consisting of (i) one share
of Common Stock (the "Shares") of the Company, and (ii) two common stock purchase warrants (the "Warrants"),
each exercisable for one share of Common Stock at an exercise price of $ 2.85 per share. In the aggregate, in the August 2023 Offering
the Company issued 1,580,000 Shares and 3,160,000 Warrants. The securities issued in the August 2023 Offering were offered pursuant to
the Company's registration statement on Form S-1 (File 333-273174) (the "Registration Statement"), initially filed
by the Company with the SEC under the Securities Act, on July 7, 2023 and declared effective on August 3, 2023.

 The
Company closed the Offering on August 8, 2023, raising gross proceeds of approximately $ 4.5 million before deducting placement agent
fees and other offering expenses payable by the Company. The Company used (i) $ 2,150,000 to fund the initial installment of the WFI purchase
price (net of a $ 350,000 holdback) on August 10, 2023, (ii) $ 1,000,000 to pay Armistice the Armistice Amendment Fee (as defined below),
and (iii) $ 139,849 to complete repayment of the February Debentures to the February Investors, plus accrued interest and fees of approximately
$ 10,911. The Company is using the remaining proceeds from the August 2023 Offering for working capital and general corporate purposes.

 In
connection with the August 2023 Offering, on August 4, 2023, the Company entered into a placement agency agreement (the "Placement
Agency Agreement") with Maxim Group LLC (the "Placement Agent"), pursuant to which (i) the Placement Agent agreed to
act as placement agent on a "best efforts" basis in connection with the August 2023 Offering and (ii) the Company agreed
to pay the Placement Agent an aggregate fee equal to 7.0 % of the gross proceeds (and 5 % for certain investors) raised in the August 2023
Offering and warrants to purchase up to 110,600 shares of Common Stock at an exercise price of $ 3.14 (the "Placement Agent Warrants").
The Placement Agent Warrants (and the shares of Common Stock issuable upon the exercise of the Placement Agent Warrants) were not registered
under the Securities Act and were offered pursuant to an exemption from the registration requirements of the Securities Act provided
in Section 4(a)(2) of the Securities Act and Rule 506(b) promulgated thereunder.

 F- 21

 The
August 2023 Offering was facilitated by the Company entering into an Amendment to Securities Purchase Agreement on July 7, 2023 (the
"Armistice Amendment") with Armistice Capital Markets Ltd. to delete Section 4.12(a) of our March 23, 2023 Securities Purchase
Agreement (the "Armistice SPA") with Armistice pursuant to which we agreed that from March 23, 2023 until 45 days after the
effective date of the Resale Registration Statement (as defined below) we would not (i) issue, enter into any agreement to issue or announce
the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents or (ii) file any registration statement or
any amendment or supplement thereto, other than the prospectus supplement filed in connection with that offering and the Resale Registration
Statement (the "Subsequent Equity Financing Provision"). In consideration of Armistice's agreement to enter into the
Armistice Amendment and delete the Subsequent Equity Financing Provision from the Armistice SPA, we agreed to pay Armistice a fee a $ 1,000,000
 (the "Armistice Amendment Fee") within
two days of the closing of the August 2023 Offering. Additionally, we agreed to include a proposal in our proxy statement for our 2023
Annual Meeting of Stockholders for the purpose of obtaining the approval of the holders of a majority of our outstanding voting common
stock, to effectuate the reduction of the exercise price (the "Exercise Price Reduction") set forth in Section 2(b) of the
Common Stock Purchase Warrants issued to Armistice on March 27, 2023 (the "Existing Warrants") to the per unit public offering
price of the August 2023 Offering (or $ 2.85),
in accordance with Nasdaq Rule 5635(d) (the "Shareholder Approval") with the recommendation of our board of directors that
such proposal be approved. We also agreed to solicit proxies from our shareholders in connection therewith in the same manner as all
other management proposals in such proxy statement and that all management-appointed proxyholders shall vote their proxies in favor of
such proposal. Further, if we did not obtain Shareholder Approval at the first meeting, we agree to call a meeting every six (6) months
thereafter to seek Shareholder Approval until the earlier of the date Shareholder Approval is obtained or the Existing Warrants are no
longer outstanding. Until such approval is obtained, the exercise price of the Existing Warrants will remain unchanged. At the annual
meeting on December 26, 2023, Company shareholders approved the Exercise Price Reduction.

 Year
Ended December 31, 2023

2023, the Company issued 4,269 shares of Common Stock to employees and directors and 22,202 shares of Common Stock to consultants with
a fair value of $ 56,936 and $ 124,476, respectively. The shares were issued under the Company's 2019 Stock Incentive Plan (the "2019
Plan").

 During 2023, the Company issued 21,115 shares of Common Stock to consultants in consideration of services rendered with a fair value of
$ 69,975. These shares were issued pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933,
as amended. The Company did not receive any cash proceeds from this issuance.

2023, the Company issued 297 shares of Common Stock upon the exercise of options. The Company received proceeds of $ 2,375.

 In
February 2023, the Company issued 4,167 shares of Common Stock with a fair value of $ 56,313 as inducement for issuing the February Debentures.
The fair value of the shares was recognized as a discount to the February Debentures and will be amortized over the life of the notes.

 In
February 2023, the Company 7,500 shares of Common Stock in connection with the ELOC with a fair value of $ 93,000 that was expensed in
the period.

 In
March 2023, the Company issued 69,000 shares of Common Stock in the RD Offering and March Warrant Placement. The Company received net
proceeds of approximately $ 2.7 million.

 In June 2023, the Company issued 115,000 shares of Common Stock upon exercise
prefunded warrants. The Company received net proceeds of $ 23,051.

 On
July 11, 2023, the Company issued 16,250 shares of Common Stock in consideration of a settlement with an unrelated third party. These
shares were issued pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended.
The Company did not receive any cash proceeds from this issuance.

 In
August 2023, the Company issued 43,985 shares of Common Stock upon exercise of an existing warrant on a net-exercise basis. These shares
were issued pursuant to the exemption from registration provided by Section 4(a)(2) and/or 3(a)(9) of the Securities Act of 1933, as
amended.

 On
August 8, 2023, the Company issued 1,580,000 shares of Common Stock in the August 2023 Offering. The Company received net proceeds of
approximately $ 4.1 million.

 Note
13 – Equity-Based Compensatio n

 Equity
Incentive Plans

 In
October 2019, the Company adopted the 2019 Plan. Under the 2019 Plan, the Company's board of directors is authorized to grant stock
options to purchase Common Stock, restricted stock units, and restricted shares of Common Stock to its employees, directors, and consultants.
The 2019 Plan initially provided for the issuance of 25,000 shares. A provision in the 2019 Plan provides for an automatic annual increase
equal to 6% of the total number of shares of Common Stock outstanding on December 31 of the preceding calendar year. In January 2023,
the number of available shares increased by 36,498 shares bringing the total shares available under the 2019 Plan to 125,000.

 Options
granted under the 2019 Plan generally have a life of 3 to 10 years and exercise prices equal to or greater than the fair market value
of the common stock as determined by the Company's board of directors. Vesting for employees typically occurs over a three-year
period.

 F- 22

 The
following table sets forth the activity of the options to purchase common stock under the 2019 Plan.

 Schedule of Stock Options Activity

 Number
 of

 Average
 Price

 Aggregate

 Intrinsic
 Value

 Outstanding
 as of December 31, 2022

 64,850

 $
 68.00

 $
 -

 Granted

 59,048

 7.74

 -

 Exercised

 ( 297
)

 8.00

 -

 Canceled

 16,848

 54.63

 -

 106,753

 41.90

 -

 Exercisable

 93,227

 $
 54.61

 $
 -

 The
fair value of each option granted is estimated as of the grant date using the Black-Scholes option pricing model with the following assumptions:

of Share-Based Payment Award, Stock Options, Valuation Assumptions

 Years
 ended
 December 31,

 2023

 2022

 Risk-free
 interest rate range

 3.60
 to 3.69
 %

 1.60
 to 3.94
 %

 Expected
 life of option-years

 5.00
 to 5.63

 5.00
 to 5.77

 Expected
 stock price volatility

 106.6
 to 114.9
 %

 110.00
 to 114.6
 %

 Expected
 dividend yield

 -
 %

 -
 %

 The
risk-free interest rate is based on U.S. Treasury interest rates, the terms of which are consistent with the expected life of the stock
options. Expected volatility is based upon the average historical volatility of the Company's common stock over the period commensurate
with the expected term of the related instrument. The expected life and estimated post-employment termination behavior is based upon
historical experience of homogeneous groups, executives and non-executives, within the Company. The Company does not currently pay dividends
on its common stock, nor does it expect to do so in the foreseeable future.

 Schedule of Share Based Payments Arrangements Options Exercised and Options Vested

 Total
 Intrinsic
 Value of Options
 Exercised

 Total
 Fair
 Value of Options
 Vested

 Year
 ended December 31, 2022

 $
 -

 $
 1,616,401

 Year
 ended December 31, 2023

 $
 -

 $
 1,049,109

 For
the year ended December 31, 2023, the weighted average grant date fair value of options granted was $ 6.38 per share. The Company estimates
the fair value of options at the grant date using the Black-Scholes model. For all stock options granted through December 31, 2023, the
weighted average remaining service period is 1.01 years.

 Restricted
Stock and Restricted Stock Units

 In
the year ended December 31, 2023, the Company granted 23,547 in restricted stock units and shares of restricted stock to certain employees,
directors, and consultants under the 2019 Plan. Restricted stock issued to employees, directors, and consultants generally vest either
at grant or vest over a period of one year from the date of grant.

 The
following table summarizes the Company's restricted stock awards activity under the 2019 Plan during the year ended December 31,
2023:

 Schedule of Aggregate Restricted Stock Awards and Restricted Stock Unit Activity

 Number
 of Unvested

 Average
 Grant
 Date
 Fair Value

 Aggregate
 Value
 of

 as of December 31, 2022

 3,533

 $
 8.40

 $
 29,949

 Granted

 23,547

 4.95

 116,618

 Vested

 ( 27,055
)

 11.60

 ( 310,554
)

 Forfeitures

 -

 -

 -

 18.42

 5,525

 The Company recognizes stock compensation expense on a straight-line basis
over the vesting period of the grant. If the restricted stock vests immediately, the corresponding stock compensation expense is recognized
immediately. For the year ended December 31, 2023, the Company recognized $ 315,895 in stock compensation expense related to restricted
stock granted under the 2019 plan.

 F- 23

 Note
14 – Unit Purchase Options and Warrants

 The
following table sets forth the activity of unit purchase options:

of Unit Purchase Option Activity

 Number
 of
 Unit Purchase
 Options

 Average
 Price

 Aggregate

 Intrinsic
 Value

 Outstanding
 as of December 31, 2022

 4,649

 $
 64.00

 $
 -

 Granted

 -

 -

 -

 Exercised

 -

 -

 -

 Canceled

 -

 -

 -

 4,649

 64.00

 -

 The
following table sets forth the activity of warrants:

of Warrants Activity

 Number
 of
 Warrants

 Average
 Price

 Aggregate

 Intrinsic
 Value

 Outstanding
 as of December 31, 2022

 25,884

 $
 30.20

 $
 -

 Granted

 3,643,526

 3.63

 -

 Exercised

 ( 180,790
)

 1.16

 -

 Canceled

 -

 -

 -

 3,488,620

 $
 3.95

 $
 -

 Warrants related to Jan and
March 2023 Convertible Notes

 In January and March 2023, the
Company issued 5 -year
warrants to purchase 19,375
shares of the Common Stock at an exercise price of $ 20.00
related to the Q1 23 Convertible Notes. As of December 27, 2023, as an incentive for the Q1 23 Convertible Note holders to approve
the extension, the Company agreed to lower the warrant exercise price to $ 2.25. As the terms for the note were deemed substantial different, the Company recognized a $ 163,278 loss from debt extinguishment
related to the change in terms.

 Warrants related to February 2023 Convertible Debentures

 On February 3, and February 17, 2023, the Company
issued warrants (the "February Warrants") to purchase 12,500 shares (the "February Warrant Shares") of Common
Stock at an exercise price of $ 15.00 per share as an inducement for issuing the February Debentures.

 The February Warrants included
anti-dilution protection whereby a subsequent offering priced below the February Warrants' strike price then in effect would entitle
the February Investors to a reduction of such strike price to the price of such subsequent offering and an increase in the February Warrant
Shares determined by dividing the dollar amount for which the February Warrants are exercisable by such lower strike price. As a result
of the $ 2.85 unit purchase price of the August Public Offering, following consummation of the August Public Offering, the February Warrants
now entitle the February Investors to purchase a total 65,790 at an exercise price of $ 2.85 per February Warrant Share. On August 8, 2023,
the Company issued 26,391 shares of Common Stock upon exercise of one of the February Warrants on a net-exercise basis and on August 21,
2023, the Company issued 17,594 shares of Common Stock upon exercise of the other February Warrant on a net-exercise basis. Following
these exercises, there were no February Warrants outstanding.

 Warrants related to March 2023 Registered Direct Offering

 On March 23, 2023, INVO entered into a securities
purchase agreement (the "March Purchase Agreement") with a certain institutional investor, pursuant to which the Company agreed
to issue and sell to such investor (i) in a registered direct offering (the "RD Offering"), 69,000 shares of Common Stock,
and a pre-funded warrant (the "Pre-Funded Warrant") to purchase up to 115,000 shares of Common Stock, at an exercise price
of $ 0.20 per share, and (ii) in a concurrent private placement (the "March Warrant Placement"), a common stock purchase warrant
(the "March Warrant"), exercisable for an aggregate of up to 276,000 shares of Common Stock, at an exercise price of $ 12.60
per share. The securities to be issued in the RD Offering (priced at the marked under Nasdaq rules) were offered pursuant to the Company's
shelf registration statement on Form S-3 (File 333-255096), initially filed by the Company with the SEC under the Securities Act, on April
7, 2021 and declared effective on April 16, 2021. All Pre-Funded Warrants were exercised by the investor in June 2023.

 The March Warrant (and the shares of Common Stock
issuable upon the exercise of the March Warrant) was not registered under the Securities Act and was offered pursuant to an exemption
from the registration requirements of the Securities Act provided in Section 4(a)(2) of the Securities Act and Rule 506(b) promulgated
thereunder. The March Warrant is immediately exercisable upon issuance, will expire eight years from the date of issuance, and in certain
circumstances may be exercised on a cashless basis.

 On July 7, 2023, we entered into an Amendment to Securities
Purchase Agreement (the "Armistice Amendment") with Armistice Capital Markets Ltd. to delete Section 4.12(a) of our March
23, 2023 Securities Purchase Agreement (the "Armistice SPA") with Armistice pursuant to which we agreed that from March 23,
2023 until 45 days after the effective date of the Resale Registration Statement (as defined below) we would not (i) issue, enter into
any agreement to issue or announce the issuance or proposed issuance of any shares of common stock or Common Stock Equivalents or (ii)
file any registration statement or any amendment or supplement thereto, other than the prospectus supplement filed in connection with
that offering and the Resale Registration Statement (the "Subsequent Equity Financing Provision"). In consideration of Armistice's
agreement to enter into the Armistice Amendment and delete the Subsequent Equity Financing Provision from the Armistice SPA, we agreed
to pay Armistice a fee a $ 1,000,000 (the "Armistice Amendment Fee") within two days of the closing of the August 2023 Offering.
Additionally, we agreed to include a proposal in our proxy statement for our 2023 Annual Meeting of Stockholders for the purpose of obtaining
the approval of the holders of a majority of our outstanding voting common stock, to effectuate the reduction of the exercise price (the
"Exercise Price Reduction") set forth in Section 2(b) of the Common Stock Purchase Warrants issued to Armistice on March 27,
2023 (the "Existing Warrants") to the per unit public offering price of the August 2023 Offering (or $ 2.85), in accordance
with Nasdaq Rule 5635(d) (the "Stockholder Approval") with the recommendation of our board of directors that such proposal
be approved. We also agreed to solicit proxies from our stockholders in connection therewith in the same manner as all other management
proposals in such proxy statement and that all management-appointed proxyholders shall vote their proxies in favor of such proposal. Further,
if we did not obtain Stockholder Approval at the first meeting, we agreed to call a meeting every six (6) months thereafter to seek Stockholder
Approval until the earlier of the date Stockholder Approval is obtained or the Existing Warrants are no longer outstanding. Until such
approval was obtained, the exercise price of the Existing Warrants will remain unchanged.

 On December 26, 2023, INVO held its 2023 annual meeting
of stockholders (the "2023 Annual Meeting") whereby INVO's stockholders voted on and approved the Exercise Price Reduction.

 Warrants related to August 2023 Public Offering

 On August 4, 2023, the Company, entered into securities
purchase agreements (the "Purchase Agreements") with certain institutional and other investors, pursuant to which the Company
agreed to issue and sell to such investors in a public offering (the "August 2023 Offering"), 1,580,000 units (the "Units")
at a price of $ 2.85 per Unit, with each Unit consisting of (i) one share of Common Stock (the "Shares") of the Company, and
(ii) two common stock purchase warrants (the "Warrants"), each exercisable for one share of Common Stock at an exercise price
of $ 2.85 per share. In the aggregate, in the August 2023 Offering the Company issued 1,580,000 Shares and 3,160,000 Warrants. The securities
issued in the August 2023 Offering were offered pursuant to the Company's registration statement on Form S-1 (File 333-273174) (the
"Registration Statement"), initially filed by the Company with the SEC under the Securities Act, on July 7, 2023 and declared
effective on August 3, 2023.

 In connection with the August 2023 Offering, on August
4, 2023, the Company entered into a placement agency agreement (the "Placement Agency Agreement") with Maxim Group LLC (the
"Placement Agent"), pursuant to which (i) the Placement Agent agreed to act as placement agent on a "best efforts"
basis in connection with the August 2023 Offering and (ii) the Company agreed to pay the Placement Agent an aggregate fee equal to 7.0 %
of the gross proceeds (and 5 % for certain investors) raised in the August 2023 Offering and warrants to purchase up to 110,600 shares
of Common Stock at an exercise price of $ 3.14 (the "Placement Agent Warrants"). The Placement Agent Warrants (and the shares
of Common Stock issuable upon the exercise of the Placement Agent Warrants) were not registered under the Securities Act and were offered
pursuant to an exemption from the registration requirements of the Securities Act provided in Section 4(a)(2) of the Securities Act and
Rule 506(b) promulgated thereunder.

 F- 24

 Note
15 – Income Taxes

 The
provision for income taxes consists of the following for the years ended December 31, 2023, and 2022:

 Schedule of Components of Income Tax Expense (Benefit)

 2023

 2022

 2023

 2022

 Federal
 income taxes:

 $
 -

 $
 -

 ( 860
)

 Total
 federal income taxes

 ( 860
)

 State
 income taxes:

 29,735

 2,062

 ( 1,089
)

 Total
 state income taxes

 28,646

 2,558

 Total
 income taxes

 $
 27,786

 $
 2,872

 The
effective income tax rate is lower than the U.S. federal and state statutory rates primarily because of the valuation allowance and,
to a lesser extent, permanent items. A reconciliation of the 2023 and 2022 federal statutory rate as compared to the effective income
tax rate is as follows:

 Schedule of Effective Income Tax Rate Reconciliation

 2023

 2022

 Pre-Tax
 Book Income at Statutory Rate

 $
 ( 1,519,297
)

 21.00
 %

 $
 ( 2,202,718
)

 21.00
 %

 State
 Tax Expense, net

 23,719

 - 0.33
 %

 1,629

 - 0.02
 %

 Permanent
 Items

 226,420

 - 3.13
 %

 348,768

 - 3.33
 %

 Hanging
 Credit

 -

 0.00
 %

 - 0.01

 True-Ups

 ( 1,949
)

 0.03
 %

 ( 36,554
)

 0.35
 %

 Change
 in Federal Valuation Allowance

 1,298,892

 - 17.95
 %

 1,890,936

 - 18.03
 %

 Total
 Expense

 $
 27,786

 - 0.38
 %

 $
 2,872

 - 0.03
 %

 F- 25

income taxes reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax. Significant components of the deferred tax assets and liabilities as of December 31, 2023
and 2022, are as follows:

 Schedule of Deferred Tax Assets and Liabilities

 2023

 2022

 tax assets:

 Accrued
 Compensation

 $
 195,584

 $
 243,056

 Amortization of Discount Notes Payable

 154,349

 -

 Lease
 (ASC 842)

 1,210,592

 342,254

 Charitable
 Contributions

 2,771

 2,771

 Stock
 Option Expense

 140,699

 117,099

 Restricted
 Stock Unit

 265,038

 62,090

 Net
 Operating Losses

 10,255,137

 8,395,160

 Org
 Costs

 81,255

 81,255

 -IRC
 Sec. 174 Expense

 204,864

 275,519

 Investment
 in HRCFG INVO, LLC

 ( 272,459
)

 123,217

 Equity
 in earnings - Positib

 ( 24,054
)

 19,950

 Gross
 deferred tax assets

 12,213,777

 9,662,371

 tax liabilities:

 Fixed
 Assets

 ( 18,733
)

 ( 21,560
)

 ROU
 Lease (ASC 842)

 ( 1,177,701
)

 ( 327,946
)

 Trademark
 Amortization

 ( 5,858
)

 ( 5,858
)

 ( 47
)

 ( 47
)

 Tax
 Amortization of Org Cost

 ( 24,912
)

 ( 7,222
)

 Gain/Loss
 on sale of assets

 ( 2,561
)

 ( 2,561
)

 Gross
 deferred tax liability

 ( 1,114,418
)

 ( 365,194
)

 Less:
 valuation allowance

 ( 11,099,358
)

 ( 9,299,126
)

 Net
 deferred tax liability

 $
 -

 $
 ( 1,949
)

 The
Company recorded a full valuation allowance against its net deferred tax asset at December 31, 2023 and 2022 totaling $ 11.1 million and
$ 9.3 million, respectively. A naked credit resulting from indefinite lived intangibles was valued at December 31, 2023, and 2022 totaling
$ 0 and ($ 1,949), respectively.

 As
of December 31, 2023, the Company has federal net operating loss carryforwards of approximately $ 32.9 million. Of that amount, $ 10.2
million will expire, if not utilized, in various years beginning in 2028 and which are also subject to the limitations of IRC §382.
The remaining carryforward amount of $ 22.7 million, has no expiration period and can be applied to 80% of taxable income per year in
future periods. State net operating loss carryforwards total $ 21.9 million. Of that amount, $ 3.5 million will begin to expire in 2033
and are subject to the limitations of IRC §382. The remaining $ 18.4 million of state net operating loss carryforwards are similar
to the federal net operating loss in that it has no expiration period and can be applied to 100% of state taxable income per year.

 Note
16 – Commitments and Contingencies

 Insurance

 The
Company's insurance coverage is carried with third-party insurers and includes: (i) general liability insurance covering third-party
exposures; (ii) statutory workers' compensation insurance; (iv) excess liability insurance above the established primary limits
for general liability and automobile liability insurance; (v) property insurance, which covers the replacement value of real and personal
property and includes business interruption; and (vi) insurance covering our directors and officers for acts related to our business
activities. All coverage is subject to certain limits and deductibles, the terms and conditions of which are common for companies with
similar types of operations.

 Legal
Matters

 The
Company is not currently subject to any material legal proceedings; however, it could be subject to legal proceedings and claims from
time to time in the ordinary course of its business, or legal proceedings it considered immaterial may in the future become material.
Regardless of the outcome, litigation can, among other things, be time consuming and expensive to resolve, and can divert management
resources.

 F- 26

 NAYA
Biosciences Merger Agreement

 On
October 22, 2023, the Company, INVO Merger Sub Inc., a wholly owned subsidiary of the Company and a Delaware corporation ("Merger
Sub"), and NAYA Biosciences, Inc., a Delaware corporation ("NAYA"), entered into an Agreement and Plan of Merger, as
amended on October 25, 2023 (the "Merger Agreement").

 Upon
the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge (the "Merger") with and
into NAYA, with NAYA continuing as the surviving corporation and a wholly owned subsidiary of the Company.

 At
the effective time and as a result of the Merger, each share of Class A common stock, par value $ 0.000001 per share, of NAYA (the "NAYA
common stock") outstanding immediately prior to the effective time of the Merger, other than certain excluded shares held by NAYA
as treasury stock or owned by the Company or Merger Sub, will be converted into the right to receive 7.33333 (subject to adjustment as
set forth in the Merger Agreement) shares of a newly designated series of common stock, par value $ 0.0001 per share, of the Company which
shall be entitled to ten (10) votes per each share ("Company Class B common stock") for a total of approximately 18,150,000
shares of the Company (together with cash proceeds from the sale of fractional shares, the "Merger Consideration").

 Immediately
following the effective time of the Merger, Dr. Daniel Teper, NAYA's current chairman and chief executive officer, will be named
chairman and chief executive officer of the Company, and the board of directors will be comprised of at least nine (9) directors, of
which (i) one shall be Steven Shum, INVO's current chief executive officer, and (ii) eight shall be identified by NAYA, of which
seven (7) shall be independent directors.

 The
completion of the Merger is subject to satisfaction or waiver of certain customary mutual closing conditions, including (1) the adoption
of the Merger Agreement by the stockholders of the Company and NAYA, (2) the absence of any injunction or other order issued by a court
of competent jurisdiction or applicable law or legal prohibition prohibiting or making illegal the consummation of the Merger, (3) the
completion of due diligence, (4) the completion of a private sale of the Company's preferred stock at a price per share of $ 5.00
per share, in a private offering resulting in an amount equal to at least $ 2,000,000 of gross proceeds to INVO in the aggregate, plus
an additional amount as may be required prior to closing of the Merger to be determined in good faith by the parties to adequately support
INVO's fertility business activities per an agreed forecast of INVO, as well as for a period of twelve (12) months post-Closing
including a catch-up on INVO's past due accrued payables still outstanding (the "Interim PIPE"), (5) the aggregate
of the liabilities of the Company, excluding certain specified liabilities, shall not exceed $ 5,000,000, (6) the receipt of waivers from
any and all holders of warrants (and any other similar instruments) to securities of the Company, with respect to any fundamental transaction
rights such warrant holders may have under any such warrants, (7) the continued listing of the Company common stock on NASDAQ through
the effective time of the Merger and the approval for listing on NASDAQ of the shares of the Company common stock to be issued in connection
with the Merger, the interim private offering, and a private offering of shares of Company common stock at a target price of $ 5.00 per
share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization
with respect to the Company common stock) resulting in sufficient cash available for the Company for one year of operations, as estimated
by NAYA, (8) the effectiveness of a registration statement on Form S-4 to be filed by the Company pursuant to which the shares of Company
common stock to be issued in connection with the Merger will be registered with the SEC, and the absence of any stop order suspending
such effectiveness or proceeding for the purpose of suspending such effectiveness being pending before or threatened by the SEC, and
(9) the Company shall have received customary lock-up Agreement from certain Company stockholders. The obligation of each party to consummate
the Merger is also conditioned upon (1) the other party having performed in all material respects its obligations under the Merger Agreement
and (2) the other party's representations and warranties in the Merger Agreement being true and correct (subject to certain materiality
qualifiers); provided, however, that these conditions, other than with respects to certain representations and warranties, will be deemed
waived by the Company upon the closing of the interim private offering.

 F- 27

 The
Merger Agreement contains termination rights for each of the Company and NAYA, including, among others: (1) if the consummation of the
Merger does not occur on or before December 31, 2023 (the "End Date") (which has since been extended to April 30, 20204),
except that any party whose material breach of the Merger Agreement caused or was the primary contributing factor that resulted in the
failure of the Merger to be consummated on or before the End Date, (2) if any governmental authority has enacted any law or order making
illegal, permanently enjoining, or otherwise permanently prohibiting the consummation of the Merger, and (3) if the required vote of
the stockholders of either the Company or NAYA has not been obtained. The Merger Agreement contains additional termination rights for
NAYA, including, among others: (1) if the Company materially breaches its non-solicitation obligations or fails to take all action necessary
to hold a stockholder meeting to approve the transactions contemplated by the Merger Agreement, (2) if the aggregate of the liabilities
of the Company, excluding certain specified liabilities, exceed $ 5,000,000, (3) if NAYA determines that the due diligence contingency
will not be satisfied by October 26, 2023, (4) if NAYA determines that the Company has experienced a material adverse effect, or (5)
the Company material breaches any representation, warranty, covenant, or agreement such that the conditions to closing would not be satisfied
and such breach is incapable of being cured, unless such breach is caused by NAYA's failure to perform or comply with any of the
covenants, agreements, or conditions hereof to be performed or complied with by it prior to the closing.

 If
all of NAYA's conditions to closing are satisfied or waived and NAYA fails to consummate the Merger, NAYA would be required to
pay the Company a termination fee of $ 1,000,000. If all of the Company's conditions to closing conditions are satisfied or waived
and the Company fails to consummate the Merger, the Company would be required to pay NAYA a termination fee of $ 1,000,000.

 On
December 27, 2023, the Company entered into second amendment ("Second Amendment") to the Merger Agreement. Pursuant to the
Second Amendment, the parties agreed to extend the End Date to April 30, 2024. The parties further agreed to modify the closing condition
for the Interim PIPE from a private offering of shares of Company common stock at a price that is a premium to the market price of the
Company common stock in an estimated amount of $ 5,000,000 or more of gross proceeds to a private offering of the Company's preferred
stock at a price per share of $ 5.00 per share in an amount equal to at least $ 2,000,000 to the Company, plus an additional amount as
may be required prior to closing of the Merger to be determined in good faith by the parties to adequately support the Company's
fertility business activities per an agreed forecast, as well as for a period of twelve (12) months post-closing including a catch-up
on the Company's past due accrued payables still outstanding. The parties further agreed to the following schedule (the "Minimum
Interim Pipe Schedule") for the initial $2,000,000: (1) $500,000 no later than December 29, 2023, (2) $500,000 no later than January
19, 2024, (3) $500,000 no later than February 2, 2024, and (4) $500,000 no later than February 16, 2024. The parties also further agreed
to modify the covenant of the parties regarding the Interim PIPE to require NAYA to consummate the Interim PIPE before the closing of
the Merger; provided, however, if the Company does not receive the initial gross proceeds pursuant to the Minimum Interim Pipe Schedule,
the Company shall be free to secure funding from third parties to make up for short falls on reasonable terms under SEC and Nasdaq regulations.
As of the date of this filing, NAYA has purchased approximately $ 806,000 of the Company's preferred stock.

 Note
17 – Subsequent Events

 NAYA

 On
January 4, 2024, the Company and NAYA closed on 100,000 shares
of Series A Preferred Stock in the first tranche of Preferred Series A SPA for gross proceeds of $ 500,000. On
April 15, 2024, the Company and NAYA closed on additional 61,200
shares of Series A Preferred Stock for additional gross proceeds of $ 306,000.

 F- 28

 Consulting

 In
February 2024, the Company issued 125,500 shares of Common Stock to consultants in consideration of services rendered. These shares were
issued pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. The Company
did not receive any cash proceeds from this issuance.

Receipts Agreement

 On
February 26, 2024, the Company finalized an Agreement for the Purchase and Sale of Future Receipts (the "Future Receipts Agreement")
with a buyer (the "Buyer") under which the Buyer purchased $ 344,925 of our future sales for a gross purchase price of $ 236,250.
The Company received net proceeds of $ 225,000. Until the purchase price has been repaid, the Company agreed to pay the Buyer $ 13,797
per week.

 Triton
Purchase Agreement

 On
March 27, 2024, the Company entered into a purchase agreement (the "Triton Purchase Agreement") with Triton Funds LP ("Triton"),
pursuant to which the Company agreed to sell, and Triton agreed to purchase, upon the Company's request in one or more transactions,
up to 1,000,000 shares of the Company's common stock, par value $ 0.0001 per share, providing aggregate gross proceeds to the Company
of up to $ 850,000. Triton will purchase the shares of common stock under the Triton Purchase Agreement at the price of $ 0.85 per share.
 The purchase agreement expires upon the earlier of the sale of all 1,000,000 shares of the Company's common stock or December 31,
2024.

 Among
other limitations, unless otherwise agreed upon by Triton, each individual sale of shares of common stock will be limited to no more
than the number of shares of common stock that would result in the direct or indirect beneficial ownership by Triton of more than 9.99%
of the then-outstanding shares of common stock. In addition, the total cumulative number of shares of common stock that may be issued
to Triton under the Triton Purchase Agreement may not exceed the requirements of Nasdaq Listing Rule 5635(d), except that such limitation
will not apply in the event the Company obtains stockholder approval of the shares of common stock to be issued under the Triton Purchase
Agreement, if necessary, in accordance with the requirements of Nasdaq Listing Rule 5635(d).

 The
Triton Purchase Agreement provides that the Company will file a prospectus supplement (the "Prospectus Supplement") to its
Registration Statement on Form S-3, which was declared effective on April 16, 2021 (File No. 333-255096) (the "Base Registration
Statement"), covering the offering and sale of the shares of common stock to Triton pursuant to the Triton Purchase Agreement.
Triton's obligation to purchase shares of common stock under the Triton Purchase Agreement is conditioned upon, among other things,
the filing of the Prospectus Supplement and the Base Registration Statement remaining effective.

 The
Triton Purchase Agreement contains customary representations, warranties, and covenants by each of the Company and Triton. Actual sales
of shares of common stock to Triton will depend on a variety of factors to be determined by the Company from time to time, including,
among others, market conditions, the trading price of the common stock and determinations by the Company as to the appropriate sources
of funding for the Company and its operations. Triton has no right to require any sales of shares of common stock by the Company but
is obligated to make purchases of shares of common stock from the Company from time to time, pursuant to directions from the Company,
in accordance with the Triton Purchase Agreement. During the term of the Triton Purchase Agreement, Triton has covenanted not to cause
or engage in any short selling of shares of common stock.

 On
March 27, 2024, the Company sold to Triton private placement warrants to purchase up to 1,000,000 shares of our common stock at an exercise
price of $ 2.00 per share.

 On
March 27, 2024, the Company delivered a purchase notice for 260,000 shares of common stock. The Company's common stock traded below
the purchase price following the date of the purchase notice, giving Triton the right to return to the Company any of the 260,000 shares.
Triton notified the Company that it will return 185,000 shares to the Company and closed the purchase of 75,000 shares pursuant to the
Triton Purchase Agreement.

 F- 29

 On
April 5, 2024, the Company entered into a purchase agreement (the "FirstFire Purchase Agreement") with FirstFire Global Opportunities
Fund, LLC ("FirstFire"), pursuant to which FirstFire agreed to purchase, and the Company agreed to issue and sell, (i) a
promissory note with an aggregate principal amount of $275,000.00, which is convertible into shares of the Company's common stock,
according to the terms, conditions, and limitations outlined in the note (the "FirstFire Note"), (ii) a warrant (the "First
Warrant") to purchase 229,167 shares (the "First Warrant Shares") of the Company's common stock at an exercise
price of $1.20 per share, (iii) a warrant (the "Second Warrant") to purchase 500,000 shares (the "Second Warrant Shares")
of common stock at an exercise price of $0.01 issued to FirstFire, and (iv) 50,000 shares of common stock (the "Commitment Shares"),
for a purchase price of $250,000. Carter, Terry, & Company, Inc. acted as placement agent for the transaction, for which it received
a cash fee of $ 25,000. The proceeds are being used for working capital and general corporate purposes.

 Among
other limitations, the total cumulative number of shares of common stock that may be issued to FirstFire under the FirstFire Purchase
Agreement may not exceed the requirements of Nasdaq Listing Rule 5635(d), except that such limitation will not apply in the event the
Company obtains stockholder approval of the shares of common stock to be issued under the Purchase Agreement, if necessary, in accordance
with the requirements of Nasdaq Listing Rule 5635(d). The Company has agreed to hold a meeting for the purpose of obtaining this stockholder
approval within nine (9) months of the date of the FirstFire Purchase Agreement.

 The
FirstFire Purchase Agreement contains customary representations, warranties, and covenants by each of the Company and FirstFire. Among
other covenants of the parties, the Company granted FirstFire the right to participate in any subsequent placement of securities until
the earlier of eighteen (18) months after the date of the FirstFire Purchase Agreement or extinguishment of the FirstFire Note. The Company
has also granted customary "piggy-back" registration rights to FirstFire with respect to the shares of common stock underlying
the FirstFire Note (the "Conversion Shares"), the First Warrant Shares, the Second Warrant Shares, and the Commitment Shares.
FirstFire has covenanted not to cause or engage in any
short selling of shares of common stock until the FirstFire Note is fully repaid.

 The
following sets forth the material terms of the FirstFire Note, the First Warrant, and the Second Warrant.

Note

and Maturity. The FirstFire Note carries an interest rate of twelve percent ( 12 %) per annum, with the first twelve months of interest,
amounting to $ 33,000.00, guaranteed, and fully earned as of the issue date. The maturity date of the FirstFire Note is twelve (12) months
from the issue date, at which point the Principal Amount, together with any accrued and unpaid interest and other fees, shall be due
and payable to the holder of the FirstFire Note.

 Conversion.
The holder of the FirstFire Note is entitled to convert any portion of the outstanding and unpaid principal amount and accrued interest
into Conversion Shares at a conversion price of $ 1.00 per share, subject to adjustment. The FirstFire Note may not be converted and Conversion
Shares may not be issued under the FirstFire Note if, after giving effect to the conversion or issuance, the holder together with its
affiliates would beneficially own in excess of 4.99% of the outstanding common stock. In addition to the beneficial ownership limitations
in the FirstFire Note, the number of shares of common stock that may be issued under the FirstFire Note, the First Warrant, the Second
Warrant, and under the FirstFire Purchase Agreement (including the Commitment Shares) is limited to 19.99% of the outstanding common
stock as of April 5, 2024 (the "Exchange Cap", which is equal to 523,344 shares of common stock, subject to adjustment as
described in the FirstFire Purchase Agreement), unless stockholder approval is obtained by the Company to issue more than the Exchange
Cap. The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse
stock split or other similar transaction.

 Prepayment.
The Company may prepay the FirstFire Note at any time in whole or in part by paying a sum of money equal to 110% of the sum of the principal
amount to be redeemed plus the accrued and unpaid interest.

Proceeds. While any portion of the FirstFire Note is outstanding, if the Company receives cash proceeds of more than $ 1,500,000 from
any source or series of related or unrelated sources, or more than $ 1,000,000 from any public offering (the "Minimum Threshold"),
the Company shall, within one (1) business day of Company's receipt of such proceeds, inform FirstFire of such receipt, following
which FirstFire shall have the right in its sole discretion to require the Company to immediately apply up to 100% of all proceeds received
by the Company above the Minimum Threshold to repay the outstanding amounts owed under the FirstFire Note.

 F- 30

 Covenants.
The Company is subject to various covenants that restrict its ability to, among other things, declare dividends, make certain investments,
sell assets outside the ordinary course of business, or enter into transactions with affiliates, thereby ensuring the Company operational
and financial activities are conducted in a manner that prioritizes the repayment of the FirstFire Note.

 Events
of Default. The FirstFire Note outlines specific events of default and provides FirstFire certain rights and remedies in such events,
including but not limited to the acceleration of the FirstFire Note's due date and a requirement for the Company to pay a default
amount. Specific events that constitute a default under the FirstFire Note include, but are not limited to, failure to pay principal
or interest when due, breaches of covenants or agreements, bankruptcy or insolvency events, and a failure to comply with the reporting
requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Upon an event of default, the FirstFire
Note becomes immediately due and payable, and the Borrower is subject to a default sum as stipulated.

 The
FirstFire Note is subject to, and governed by, the terms and conditions of the FirstFire Purchase Agreement.

 First

 The
First Warrant grants the holder thereof the right to purchase up to 229,167 shares of common stock at an exercise price of $ 1.20 per

The First Warrant is be immediately exercisable and will expire five years from the issuance date. The First Warrant is exercisable,
at the option of the holder, in whole or in part, by delivering to the Company a duly executed exercise notice and, at any time a registration
statement registering the issuance of the First Warrant Shares under the Securities Act of 1933, as amended (the "Securities Act")
is effective and available for the issuance of such First Warrant Shares, or an exemption from registration under the Securities Act
is available for the issuance of such First Warrant Shares, by payment in full in immediately available funds for the number of First
Warrant Shares purchased upon such exercise. If a registration statement registering the issuance of the First Warrant Shares underlying
the First Warrant under the Securities Act is not effective or available, the holder may, in its sole discretion, elect to exercise the
First Warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of First Warrant
Shares determined according to the formula set forth in the First Warrant.

Limitation. A holder will not have the right to exercise any portion of the First Warrant if the holder (together with its affiliates)
would beneficially own in excess of 4.99% of the number of shares of the common stock outstanding immediately after giving effect to
the exercise, as such percentage ownership is determined in accordance with the terms of the First Warrant.

Market Regulation. Until the Company has obtained stockholder approval of the FirstFire Purchase Agreement and the issuance of the
securities issued pursuant thereto, the Company may not issue any First Warrant Shares upon the exercise of the First Warrants if the
issuance of such First Warrant Shares, (taken together with the issuance of any shares held by or issuable to the holder under the FirstFire
Purchase Agreement or any other agreement with the Company) would exceed the aggregate number of shares which the Company may issue without
breaching 523,344 shares (19.9% of the Company's outstanding common stock) or any of the Company's obligations under the

Price Adjustment. Subject to the aforementioned limitations, the exercise price of the First Warrant is subject to appropriate adjustment
in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting
the common stock, upon any distributions of assets, including cash, stock or other property to our stockholders, and if we issue additional
shares of common stock at a price per share that is less than the exercise price then in effect.

Transactions. The Company shall not enter into or be a party to a fundamental transaction unless the successor entity assumes all
obligations of the Company under the First Warrant and other transaction documents. Upon consummation of a fundamental transaction, then
the successor entity will succeed to, and be substituted for the Company, and may exercise every right and power that the Company may
exercise and will assume all of the Company's obligations under the First Warrant with the same effect as if such successor entity
had been named in the First Warrant itself.

as a Stockholder. Except as otherwise provided in the First Warrant or by virtue of such holder's ownership of shares of common
stock, the holder of the First Warrant will not have the rights or privileges of a holder of common stock, including any voting rights,
until the holder exercises the First Warrant.

 F- 31

 Second

 The
Second Warrant grants the holder thereof the right to purchase up to 500,000 shares of common stock at an exercise price of $ 0.01 per

The Second Warrant will only become exercisable on the specific Triggering Event Date, which is the date that an Event of Default occurs
under the Note, and will expire five years from such date. The Second Warrant includes a 'Returnable Warrant' clause, providing
that the Second Warrant shall be cancelled and returned to the Company if the Note is fully extinguished before any Triggering Event
Date. The Second Warrant will be exercisable, at the option of each holder, in whole or in part by delivering to the Company a duly executed
exercise notice and, at any time a registration statement registering the issuance of the Second Warrant Shares under the Securities
Act is effective and available for the issuance of such Second Warrant Shares, or an exemption from registration under the Securities
Act is available for the issuance of such shares, by payment in full in immediately available funds for the number of Second Warrant
Shares purchased upon such exercise. If a registration statement registering the issuance of Second Warrant Shares under the Securities
Act is not effective or available, the holder may, in its sole discretion, elect to exercise the Second Warrant through a cashless exercise,
in which case the holder would receive upon such exercise the net number of Second Warrant Shares determined according to the formula
set forth in the warrant.

Limitation. A holder will not have the right to exercise any portion of the Second Warrant if the holder (together with its affiliates)
would beneficially own in excess of 4.99% of the number of shares of the common stock outstanding immediately after giving effect to
the exercise, as such percentage ownership is determined in accordance with the terms of the Second Warrant.

Market Regulation. Until the Company has obtained stockholder approval of the FirstFire Purchase Agreement and the issuance of the
securities issued pursuant thereto, the Company may not issue any Second Warrant Shares upon the exercise of the Second Warrants if the
issuance of such Second Warrant Shares, (taken together with the issuance of any shares held by or issuable to the holder under the FirstFire
Purchase Agreement or any other agreement with the Company) would exceed the aggregate number of shares which the Company may issue without
breaching 523,344 shares (19.9% of the Company's outstanding common stock) or any of the Company's obligations under the

Price Adjustment. Subject to the aforementioned limitations, the exercise price of the Second Warrant is subject to appropriate adjustment
in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting
the common stock, upon any distributions of assets, including cash, stock or other property to our stockholders, and if we issue additional
shares of common stock at a price per share that is less than the exercise price then in effect.

Transactions. The Company shall not enter into or be a party to a fundamental transaction unless the successor entity assumes all
obligations of the Company under the Second Warrant and other transaction documents. Upon consummation of a fundamental transaction,
then the successor entity will succeed to, and be substituted for the Company, and may exercise every right and power that the Company
may exercise and will assume all of the Company's obligations under the Second Warrant with the same effect as if such successor
entity had been named in the Second Warrant itself.

as a Stockholder. Except as otherwise provided in the Second Warrant or by virtue of such holder's ownership of shares of common
stock, the holder of the Second Warrant will not have the rights or privileges of a holder of common stock, including any voting rights,
until the holder exercises the Second Warrant.

 F- 32

 Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

 None.

 Item
9A. Controls and Procedures

 Evaluation
of Disclosure Controls and Procedures

 We
maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, that are designed to be
effective in providing reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is
accumulated and communicated to our management to allow timely decisions regarding required disclosure.

 Our
management, including the Chief Executive Officer and the Chief Financial Officer, carried out an evaluation of the effectiveness of
the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934, as amended, as of the end of the period covered by this report. These disclosure controls and procedures are designed
to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (i) recorded,
processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) accumulated and communicated
to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate,
to allow timely decisions regarding required disclosure. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer
have concluded that our disclosure controls and procedures were effective as of December 31, 2023.

 Management ' s
Report on Internal Control over Financial Reporting

 Our
management is responsible for establishing and maintaining adequate internal control over financial reporting of the Company. Our management
conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated
Framework (1992 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on the evaluation of
our internal control over financial reporting, management has concluded that, as of December 31, 2023, our internal control over financial
reporting was effective.

 This
annual report does not include an attestation report of the company's registered public accounting firm regarding internal control
over financial reporting. Management's report was not subject to attestation by the company's registered public accounting
firm pursuant to rules of the SEC.

 Limitations
on Effectiveness of Controls and Procedures

 Our
management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures
or our internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide
only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must
reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because
of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues
and instances of fraud, if any, within the Company have been detected. These inherent limitations include, but are not limited to, the
realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally,
controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of
the control.

 The
design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be
no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may
become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because
of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 Changes
in Internal Control over Financial Reporting

 There
were no changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act)
that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.

 Item
9B. Other Information

 On
December 29, 2023, the Company entered into a securities
purchase agreement (the "SPA") with NAYA for NAYA's purchase of 1,000,000 shares of the Company's Series A Preferred
Stock at a purchase price of $5.00 per share. The parties agreed that NAYA's purchases will be made in tranches in accordance with
the Minimum Interim Pipe Schedule. The SPA contains customary representations, warranties
and covenants of the Company and NAYA.

 On January 4, 2024, the Company and NAYA closed on 100,000 shares of Series A Preferred Stock in the first tranche
of this private offering for gross proceeds of $500,000. On
April 15, 2024, the Company and NAYA closed on additional 61,200 shares of Series A Preferred Stock for additional gross
proceeds of $306,000.

 Item
9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Not
applicable.

 Part
III

 Item
10. Directors, Executive Officers and Corporate Governance.

 The
information required by this Item 10 is incorporated by reference to our definitive Proxy Statement for the 2024 Annual Meeting of Stockholders

 Item
11. Executive and Director Compensation

 The
information required by this Item 11 is incorporated by reference to our definitive Proxy Statement for the 2024 Annual Meeting of Stockholders

 Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 The
information required by this Item 12 is incorporated by reference to our definitive Proxy Statement for the 2024 Annual Meeting of Stockholders

 Item
13. Certain Relationships and Related Transactions

 The
information required by this Item 13 is incorporated by reference to our definitive Proxy Statement for the 2024 Annual Meeting of Stockholders

 Item
14. Principal Accountant Fees and Services

 The
information required by this Item 14 is incorporated by reference to our definitive Proxy Statement for the 2024 Annual Meeting of Stockholders

 Part
IV

 Item
15. Exhibits and Financial Statement Schedules

 (a)
Financial Statements

 The
following are filed as a part of this report:

 1.
Financial Statements

 Page

 Report of Independent Registered Public Accounting Firm (PCAOB ID No. 2738)

 Consolidated Balance Sheets as of December 31, 2023 and 2022

 Consolidated Statements of Operations for the Years Ended December 31, 2023 and 2022

 Consolidated Statements of Stockholders' Equity (Deficit) for the Period from January 1, 2022 to December 31, 2023

 Consolidated Statements of Cash Flows for the Years Ended December 31, 2023 and 2022

 Notes to Consolidated Financial Statements

 2.
Financial Statement Schedules

 Information
required by Schedule II is shown in the Notes to Consolidated Financial Statements. All other schedules for which provision is made in
the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are
inapplicable, and therefore have been omitted.

 (b)
Exhibits

 EXHIBIT

 Exhibit
 No.

 Exhibit

 1.1

 Placement Agency Agreement by and between the Company and the Placement Agent dated August 4, 2023, filed as Exhibit 1.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 8, 2023 and incorporated herein by reference.

 2.1

 Agreement and Plan of Merger, entered into as of October 22, 2023, by and among NAYA Biosciences, Inc., INVO Bioscience, Inc., and INVO Merger Sub Inc. Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 26, 2023.

 2.2

 Amendment to Agreement and Plan of Merger, entered into as of October 25, 2023, by and among NAYA Biosciences, Inc., INVO Bioscience, Inc., and INVO Merger Sub, Inc. Incorporated by reference to Exhibit 2.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 26, 2023.

 2.3

 Second Amendment to Agreement and Plan of Merger by and among INVO Bioscience, Inc., INVO Merger Sub, Inc., and NAYA Biosciences, Inc. dated December 27, 2023. Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 3, 2024.

 3.1

 Amended and Restated Articles of Incorporation. Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 5, 2009.

 3.2

 Certificate of Change. Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on May 22, 2020.

 3.3

 By-Laws of INVO Bioscience. Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form SB-2 filed with the Securities and Exchange Commission on November 13, 2007.

 3.4

 Certificate of Change. Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 27, 2023.

 3.5

 Certificate of Amendment. Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 16, 2023.

 3.6

 Certificate of Designation Establishing Series A Preferred Stock of INVO Bioscience, Inc. Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on November 20, 2023.

 3.7

 Certificate of Designation Establishing Series B Preferred Stock of INVO Bioscience, Inc. Incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on November 20, 2023.

 3.8

 Amendment No. 1 to Bylaws of INVO Bioscience, Inc. Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on December 13, 2023.

 4.1*

 Description of Capital Stock

 4.2

 Form of Senior Secured Convertible Promissory Note, dated July 2009. Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 17, 2009.

 4.3

 Form of Convertible Promissory Note Purchase Agreement, dated July 2009. Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 17, 2009.

 4.4

 Form of Convertible Promissory Note, dated January 2018. Incorporated by reference to Exhibit 4.3 to the Annual Report on Form 10-K filed on April 16, 2019.

 4.5

 Form of Convertible Note Purchase Agreement, dated January 2018. Incorporated by reference to Exhibit 4.4 to the Annual Report on Form 10-K filed on April 16, 2019.

 4.6

 Form of Secured Convertible Note, dated May 2020. Incorporated by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2020.

 4.7

 Form of Unit Purchase Option, dated May 2020. Incorporated by reference to Exhibit 4.2 to the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2020.

 4.8

 Form of Warrant, dated May 2020. Incorporated by reference to Exhibit 4.3 to the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2020.

 4.9

 Form of Placement Agent Warrant to Purchase Common Stock, filed as Exhibit 4.1 to our Current Report dated October 1, 2021 and filed with the Securities and Exchange Commission on October 5, 2021 and incorporated herein by reference.

 4.10

 Demand Promissory Note between the registrant and JAG Multi Investments LLC, filed as Exhibit 4.1 to our Quarterly Report on Form 10-Q filed with the Securities Exchange Commission on November 14, 2022 and incorporated herein by reference.

 4.11

 Form of Warrant, filed as Exhibit 4.5 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on January 5, 2023 and incorporated herein by reference.

 4.12

 Form of Debenture, filed as Exhibit 4.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 9, 2023 and incorporated herein by reference.

 4.13

 Form of Warrant, filed as Exhibit 4.2 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 9, 2023 and incorporated herein by reference.

 4.14

 Form of Debenture, filed as Exhibit 4.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 9, 2023 and incorporated herein by reference.

 4.15

 Form of Warrant, filed as Exhibit 4.2 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 9, 2023 and incorporated herein by reference.

 4.17

 Form of Convertible Promissory Note, filed as Exhibit 4.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 23, 2023 and incorporated herein by reference.

 4.18

 Form of Warrant, filed as Exhibit 4.2 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 23, 2023 and incorporated herein by reference.

 4.20

 Form of Pre-funded Warrant, filed as Exhibit 4.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 28, 2023 and incorporated herein by reference.

 4.21

 Form of Private Placement Warrant, filed as Exhibit 4.2 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 28, 2023 and incorporated herein by reference.

 4.22

 Form of Placement Agent Warrant, filed as Exhibit 4.3 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 28, 2023 and incorporated herein by reference.

 4.23

 Letter Agreement between INVO Bioscience, Inc. and JAG Multi Investments LLC,, filed as Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 13, 2023 and incorporated herein by reference.

 4.24

 Demand Promissory Note dated July 10, 2023 issued by INVO Bioscience, Inc. in favor of JAG Multi Investments LLC in the amount of $100,000, filed as Exhibit 4.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 13, 2023 and incorporated herein by reference.

 4.25

 Warrant dated July 10, 2023 issued by INVO Bioscience, Inc. in favor of JAG Multi Investments LLC, filed as Exhibit 4.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 13, 2023 and incorporated herein by reference.

 4.26

 Warrant Agency Agreement dated August 8, 2023 between the Company and Transfer Online, Inc., filed as Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 8, 2023 and incorporated herein by reference.

 4.27

 Form of Warrant, filed as Exhibit 4.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 8, 2023 and incorporated herein by reference.

 4.28

 Form of Placement Agent Warrant, filed as Exhibit 4.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 8, 2023 and incorporated herein by reference.

 4.29

 Amendment to Common Stock Purchase Warrant, filed as Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on December 28, 2023 and incorporated herein by reference.

 4.30

 Common Stock Purchase Warrant dated March 27, 2024, filed as Exhibit 4.1 to our Current Report filed with the Securities and Exchange Commission on April 1, 2024 and incorporated herein by reference.

 4.31

 Promissory Note, filed as Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 11, 2024 and incorporated herein by reference.

 4.31

 First Common Stock Purchase Warrant, filed as Exhibit 4.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 11, 2024 and incorporated herein by reference.

 4.32

 Second Common Stock Purchase Warrant, filed as Exhibit 4.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 11, 2024 and incorporated herein by reference.

 10.1

 Short Term Note, dated March 5, 2009 between the registrant and Kathleen Karloff. Incorporated by reference to Exhibit 10.5 to the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2009.

 10.2

 Short Term Note, dated May 19, 2019 between the registrant and Kathleen Karloff. Incorporated by reference to Exhibit 10.5 to the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2009.

 10.3

 Promissory Note, dated August 9, 2016, between the registrant and Kavanaugh Rosenthal Peisch & Ford, LLP. Incorporated by reference to Exhibit 10.3 the Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 16, 2019.

 10.4

 Distribution Agreement, dated November 12, 2018, between the Registrant and Ferring International Center S.A,. Incorporated by reference to Exhibit 10.4 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 16, 2019.

 10.5

 Supply Agreement, dated November 12, 2018, between the registrant and Ferring International Center S.A. Incorporated by reference to Exhibit 10.5 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 16, 2019.

 10.6

 Joint Venture Agreement, dated January 13, 2020, between the registrant and Medesole Healthcare and Trading Private Limited, India. Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 16, 2020.

 10.7

 Employment Agreement, dated October 16, 2019, between the registrant and Steven Shum. Incorporated by reference to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 15, 2019.

 10.8

 Employment Agreement, dated January 15, 2020, between the registrant and Michael Campbell. Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 21, 2020.

 10.9

 Commercial Lease Agreement, dated May 1, 2019 between the registrant and PJ LLC. Incorporated by reference to Exhibit 10.9 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2020.

 10.10

 2019 Stock Incentive Plan, incorporated by reference to the Registration Statement on Form S-8 with the Securities and Exchange Commission on October 16, 2019.

 10.11

 Pre-Incorporation and Shareholders Agreement between INVO Centers, LLC, Francisco Arredondo, M.D. PLLC and Ramiro Ramirez Guiterrez. Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on September 30, 2020.

 10.12

 Distribution Agreement, dated November 23, 2020, between the registrant and IDS Medical Systems (M) Sdn Bhda. Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on November 25, 2020.

 10.13

 Joint Venture Agreement, dated November 23, 2020, between the registrant and SNS Nurni SDN BHD. Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on November 25, 2020.

 10.14

 Joint Venture Agreement, dated November 23, 2020, between the registrant and Ginekaliks Dooel. Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on November 25, 2020.

 10.15

 Distribution Agreement, dated December 2, 2020, between the registrant and Tasnim Behboud Arman. Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on December 8, 2020.

 10.16

 Form of Securities Purchase Agreement, dated May 2020. Incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2020.

 10.17

 Form of Security Agreement, dated May 2020. Incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2020.

 10.18

 Form of Registration Rights Agreement, dated May 2020. Incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2020.

 10.19

 Amendment No. 1 to Distribution Agreement, between the registrant and Ferring International Center S.A. Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 8, 2021.

 10.20

 HRCFG INVO LLC Limited Liability Company Agreement, dated March 10, 2021, between the registrant and HRCFG, LLC. Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 15, 2021.

 10.21

 Note, dated March 10, 2021, between the registrant and HRCFG, LLC. Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 15, 2021.

 10.22

 Lease, dated March 2021, with Trustmark National Bank filed as Exhibit 10.22 to our Annual Report on Form 10-K for the year ended December 31, 2020 and incorporated herein by reference.

 10.23

 Partnership Agreement dated April 9, 2021 between the registrant and Lyfe Medical, LLC, filed as Exhibit 10.1 to our Current Report on Form 8-K dated April 9, 2021 and filed with the Securities and Exchange Commission on April 13, 2021 and incorporated by reference herein.

 10.24

 Amended and Restated Employment Agreement with Andrea Goren dated June 14, 2021, filed as Exhibit 10.1 to our Current Report on Form 8-K dated June 14, 2021 and filed with the Securities and Exchange Commission on June 15, 2021 and incorporated herein by reference.

 10.25

 Joint Venture Agreement dated June 28, 2021 between INVO Centers, LLC and Bloom Fertility, LLC, filed as Exhibit 10.1 to our Current Report on Form 8-K dated June 28, 2021 and filed with the Securities and Exchange Commission on June 30, 2021 and incorporated herein by reference.

 10.26

 Limited Liability Company Agreement of Bloom INVO, LLC dated June 28, 2021, filed as Exhibit 10.2 to our Current Report on Form 8-K dated June 28, 2021 and filed with the Securities and Exchange Commission on June 30, 2021 and incorporated herein by reference.

 10.27

 Management Services Agreement dated June 28, 2021 between Bloom INVO LLC, Bloom Fertility LLC and Sue Ellen Carpenter, filed as Exhibit 10.3 to our Current Report on Form 8-K dated June 28, 2021 and filed with the Securities and Exchange Commission on June 30, 2021 and incorporated herein by reference.

 10.28

 INVOcell Supply Agreement dated June 28, 2021 between the registrant and Bloom INVO LLC, filed as Exhibit 10.4 to our Current Report on Form 8-K dated June 28, 2021 and filed with the Securities and Exchange Commission on June 30, 2021 and incorporated herein by reference.

 10.29

 Intellectual Property License Agreement dated June 28, 2021 between Bloom INVO LLC and the registrant, filed as Exhibit 10.5 to our Current Report on Form 8-K dated June 28, 2021 and filed with the Securities and Exchange Commission on June 30, 2021 and incorporated herein by reference.

 10.30

 Intellectual Property License Agreement dated June 28, 2021 between Bloom INVO LLC, Bio X Cell Inc. and the registrant, filed as Exhibit 10.6 to our Current Report on Form 8-K dated June 28, 2021 and filed with the Securities and Exchange Commission on June 30, 2021 and incorporated herein by reference.

 10.31

 Sublease Agreement dated June 29, 201 between Assure Fertility Partners of Atlanta II, LLC and Bloom INVO LLC, filed as Exhibit 10.7 to our Current Report on Form 8-K dated June 28, 2021 and filed with the Securities and Exchange Commission on June 30, 2021 and incorporated herein by reference.

 10.32

 Guarantee of Sublease made by the registrant in favor of Assure Fertility Partners of Atlanta II, LLC and Bloom INVO, LLC, filed as Exhibit 10.8 to our Current Report on Form 8-K dated June 28, 2021 and filed with the Securities and Exchange Commission on June 30, 2021 and incorporated herein by reference.

 10.33

 Share Purchase Agreement dated September 1, 2021 among Ernest Broome, Lyle Oberg, Richard Ross, Dr. Seang Lin Tan, the registrant and Effortless IVF Canada Inc., filed as Exhibit 10.1 to our Current Report dated September 1, 2021 and filed with the Securities and Exchange Commission on September 7, 2021 and incorporated herein by reference.

 10.34

 Stock Purchase Agreement dated September 30, 2021 between the registrant and Paradigm Opportunities Fund, LP, filed as Exhibit 10.1 to our Current Report dated October 1, 2021 and filed with the Securities and Exchange Commission on October 4, 2021 and incorporated herein by reference.

 10.35

 Placement Agent Agreement dated October 1, 2021 between the registrant and Paulson Investment Company, LLC, filed as Exhibit 10.1 to our Current Report dated October 1, 2021 and filed with the Securities and Exchange Commission on October 5, 2021 and incorporated herein by reference.

 10.36

 Form of Stock Purchase Agreement dated October 1, 2021 between the registrant and the purchasers set forth therein, filed as Exhibit 10.2 to our Current Report dated October 1, 2021 and filed with the Securities and Exchange Commission on October 5, 2021 and incorporated herein by reference.

 10.37

 Termination Notice from Ferring International Center S.A. dated November 2, 2021, filed as Exhibit 10.1 to our Current Report on Form 8-K dated November 2, 2021 and filed with the Securities and Exchange Commission on November 8, 2021 and incorporated herein by reference.

 10.38

 Amendment No. 1 to Stock Purchase Agreement dated November 29, 2021 between the registrant and Paradigm Opportunities Fund LP, filed as Exhibit 10.1 to our Current Report on Form 8-K dated November 29, 2021 and filed with the Securities and Exchange Commission on December 2, 2021 and incorporated herein by reference.

 10.39

 Amendment No. 2 to Stock Purchase Agreement dated November 29, 2021 between the registrant and Paradigm Opportunities Fund LP, filed as Exhibit 10.1 to our Current Report on Form 8-K dated December 31, 2021 and filed with the Securities and Exchange Commission on January 6, 2022 and incorporated herein by reference.

 10.41

 Exclusive Distribution Agreement between the registrant and Onesky Holding Limited dated May 13, 2022, filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 16, 2022 and incorporated herein by reference.

 10.42

 Lease Agreement with INVO Centers, LLC dated May 23, 2022, filed as Exhibit 10.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on May 26, 2022 and incorporated herein by reference.

 10.43

 Second Amended and Restated 2019 Stock Option Plan, filed as Appendix A to our Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on August 25, 2022 and incorporated herein by reference.

 10.44

 Distribution Agreement by and between the registrant and Ming Mei Technology Co. Ltd. dated January 3, 2023, filed as Exhibit 10.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on January 5, 2023 and incorporated herein by reference.

 10.45

 Form of Convertible Promissory Note, filed as Exhibit 4.4 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on January 5, 2023 and incorporated herein by reference.

 10.46

 Securities Purchase Agreement dated January 4, 2023, filed as Exhibit 10.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on January 5, 2023 and incorporated herein by reference.

 10.47

 Registration Rights Agreement dated January 4, 2023, filed as Exhibit 10.2 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on January 5, 2023 and incorporated herein by reference.

 10.48

 Securities Purchase Agreement dated February 3, 2023, filed as Exhibit 10.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 9, 2023 and incorporated herein by reference.

 10.49

 Registration Rights Agreement to Debenture and Warrant dated February 3, 2023, filed as Exhibit 10.2 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 9, 2023 and incorporated herein by reference.

 10.50

 Equity Purchase Agreement dated February 3, 2023, filed as Exhibit 10.4 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 9, 2023 and incorporated herein by reference.

 10.51

 Registration Rights Agreement to Equity Purchase Agreement dated February 3, 2023, filed as Exhibit 10.5 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 9, 2023 and incorporated herein by reference.

 10.52

 Asset Purchase Agreement between the registrant, WFRSA and The Elizabeth Pritts Revocable Living Trust dated March 16, 2023, filed as Exhibit 10.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 20, 2023 and incorporated herein by reference.

 10.53

 Membership Interest Purchase Agreement by and between the registrant and FLOW, IVF Science, LLC dated March 16, 2023, filed as Exhibit 10.2 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 20, 2023 and incorporated herein by reference.

 10.54

 Securities Purchase Agreement dated March 17, 2023, filed as Exhibit 10.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 23, 2023 and incorporated herein by reference.

 10.55

 Registration Rights Agreement dated March 17, 2023, filed as Exhibit 10.2 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 23, 2023 and incorporated herein by reference.

 10.56

 Placement Agency Agreement by and between the registrant and Maxim Group, LLC dated March 23, 2023, filed as Exhibit 1.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 28, 2023 and incorporated herein by reference.

 10.57

 Amendment to Securities Purchase Agreement dated July 7, 2023, between the Company and Armistice, filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 7, 2023 and incorporated herein by reference.

 10.58

 P ayoff Commitment Agreement and Confession of Judgment dated July7, 2023, between the Company and Armistice, filed as Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 7, 2023 and incorporated herein by reference.

 10.59

 Closing Agreement—Asset Purchase Agreement, filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 13, 2023 and incorporated herein by reference.

 10.60

 Closing Agreement—Membership Interest Purchase Agreement, filed as Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 13, 2023 and incorporated herein by reference.

 10.61

 Standard Merchant Cash Advance Agreement between INVO Bioscience Inc. and Cedar Advance LLC, filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 21, 2023 and incorporated herein by reference.

 10.62

 Amended and Restated Letter Agreement between INVO Bioscience, Inc. and JAG Multi Investments LLC, filed as Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 21, 2023 and incorporated herein by reference.

 10.63

 Letter Agreement dated July 31, 2023, filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2023 and incorporated herein by reference.

 10.64

 Form of Securities Purchase Agreement by and between the Company and certain investors dated August 4, 2023, filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 8, 2023 and incorporated herein by reference.

 10.65

 Physician Employment Agreement, filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 11, 2023 and incorporated herein by reference.

 10.66

 Management Services Agreement, filed as Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 11, 2023 and incorporated herein by reference.

 10.67

 Lease Agreement, filed as Exhibit 10.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 11, 2023 and incorporated herein by reference.

 10.68

 Megid Employment Agreement, filed as Exhibit 10.4 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 11, 2023 and incorporated herein by reference.

 10.69

 Security Agreement, filed as Exhibit 10.5 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 11, 2023 and incorporated herein by reference.

 10.70

 Physician Liaison Agreement, filed as Exhibit 10.6 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 11, 2023 and incorporated herein by reference.

 10.71

 Directed Equity Transfer Agreement, filed as Exhibit 10.7 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 11, 2023 and incorporated herein by reference.

 10.72

 Standard Merchant Cash Advance Agreement, filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on September 1, 2023 and incorporated herein by reference.

 10.73

 Revenue and Security Loan Agreement, filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 5, 2023 and incorporated herein by reference.

 10.74

 Cedar Subordination Agreement, filed as Exhibit 10.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 5, 2023 and incorporated herein by reference.

 10.75

 Form of Demand Note Subordination Letter, filed as Exhibit 10.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 5, 2023 and incorporated herein by reference.

 10.76

 Share Exchange Agreement by and between INVO Bioscience, Inc. and Cytovia Therapeutics Holdings, Inc. dated as of November 19, 2023, filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on November 20, 2023 and incorporated herein by reference.

 10.77

 Securities Purchase Agreement by and between INVO Bioscience, Inc. and NAYA Biosciences, Inc. dated as of December 29, 2023, filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 3, 2024 and incorporated herein by reference.

 10.78

 Agreement for the Future Purchase and Sale of Future Receipts, filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 1, 2024 and incorporated herein by reference.

 10.79

 Purchase Agreement by and between INVO Bioscience, Inc. and Triton Funds LP dated as of March 27, 2024, filed as Exhibit 10.1 to our Current Report filed with the Securities and Exchange Commission on April 1, 2024 and incorporated herein by reference.

 10.80

 Purchase Agreement by and between INVO Bioscience, Inc. and FirstFire Global Opportunities Fund, LLC dated as of April 5, 2024, filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 11, 2024 and incorporated herein by reference.

 21.1*

 Subsidiaries

 23.1*

 Consent of M&K CPAs, PLLC

 31.1*

 Certification by Principal Executive Officer pursuant to Rule 13a-4(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended.

 31.2*

 Certification by Principal Financial Officer pursuant to Rule 13a-4(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended.

 32.1**

 Certification by Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 101.INS*

 101.SCH*

 101.CAL*

 101.DEF*

 101.LAB*

 101.PRE
 *

 104*

 Cover
 Page Interactive Data File – the cover page of the registrant's Annual Report on Form 10-K for the year ended December

 *
Filed herewith

 **
Furnished herewith

 Item
16. Form 10-K Summary

 Not
applicable.

 SIGNATURES

to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report
on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized on April 16, 2024.

 INVO
 Bioscience, Inc.

 Date:
 April 16, 2024

 By:

 /s/
 Steven Shum

 Steven
 Shum

 Chief
 Executive Officer

 (Principal
 Executive Officer)

to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated on April 16, 2024.

 Signature

 Title

 /s/
 Steven Shum

 Chief
 Executive Officer and director

 Steven
 Shum

 (Principal
 Executive Officer)

 /s/
 Andrea Goren

 Chief
 Financial Officer

 Andrea
 Goren

 (Principal
 Financial and Accounting Officer)

 /s/
 Matthew Szot

 Matthew
 Szot

 Director

 /s/
 Trent Davis

 Trent
 Davis

 Director

 /s/
 Barbara Ryan

 Barbara
 Ryan

 Director

 /s/
 Rebecca Messina

 Rebecca
 Messina

 Director