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<SEC-DOCUMENT>0001038838-09-000189.txt : 20090708
<SEC-HEADER>0001038838-09-000189.hdr.sgml : 20090708
<ACCEPTANCE-DATETIME>20090708170452
ACCESSION NUMBER:		0001038838-09-000189
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090702
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
FILED AS OF DATE:		20090708
DATE AS OF CHANGE:		20090708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BMB MUNAI INC
		CENTRAL INDEX KEY:			0000924805
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				300233726
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33034
		FILM NUMBER:		09935510

	BUSINESS ADDRESS:	
		STREET 1:		C/O POULTON & YORDAN
		STREET 2:		324 SOUTH 400 WEST SUITE 250
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84101
		BUSINESS PHONE:		801-355-2227

	MAIL ADDRESS:	
		STREET 1:		C/O POULTON & YORDAN
		STREET 2:		324 SOUTH 400 WEST SUITE 250
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERUNION FINANCIAL CORP
		DATE OF NAME CHANGE:	19960719
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k070209.htm
<DESCRIPTION>FORM 8-K DATED JULY 2, 2009
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=5>UNITED STATES </font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=5>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>Washington, D.C. 20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of Report (date of earliest event reported):  </font><b><font size=2>July 2, 2009</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:.25in;border-collapse:collapse'>
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        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><U><B><font SIZE=2>BMB MUNAI, INC.</font></B></U><u></u></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Exact Name of Registrant as Specified in its Charter)</font></p> </td> </tr>
    <tr >
        <td width="201" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="165" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="192" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="201" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Nevada</font></u><u></u></p> </td>
        <td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="165" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>001-33034</font></u><u></u></p> </td>
        <td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="192" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>30-0233726</font></u><u></u></p> </td> </tr>
    <tr >
        <td width="201" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(State or other jurisdiction</font><br> <font size=2>of incorporation)</font></p> </td>
        <td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="165" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Commission</font><br> <font size=2>File Number)</font></p> </td>
        <td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="192" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(IRS Employer</font><br> <font size=2>Identification Number)</font></p> </td> </tr>
    <tr >
        <td width="201" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="165" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="192" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>202 Dostyk Ave., 4th Floor, Almaty, Kazakhstan</font></u><u></u></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Address of principal executive offices)</font></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>050051</font></u><u></u></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Zip code)</font></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>+7 (727) 237-51-25</font></u><u></u></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Registrant&#146;s telephone number, including area code)</font></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><U><font SIZE=2>N/A</font></U><u></u></p> </td> </tr>
    <tr >
        <td  colspan="5" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Former name of former address, if changed since last report.)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings><font size=2>o</font></font></p> </td>
        <td width="549" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="549" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="41" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings><font size=2>o</font></font></p> </td>
        <td width="549" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="549" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="41" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings><font size=2>o</font></font></p> </td>
        <td width="549" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr>
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        <td width="41" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="549" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="41" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings><font size=2>o</font></font></p> </td>
        <td width="549" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<b><font size=2>Item 4.02  Non-Reliance on Previously Issued Financial Statements or a Related</font></b></p>


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<table border="0" cellspacing=0 cellpadding=0 width="399" style='border-collapse:collapse; '>
    <tr >
        <td width="76" nowrap valign=top ><p><font size=1>&nbsp;</font></p></td>

        <td width="323" nowrap valign=top >
            <p ><b><font size=2>Audit Report or Completed Interim Review.</font></b></p></td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In response to comments raised by the staff of the Securities and Exchange Commission, the Company commenced a review of its accounting relating to the calculation of deferred income taxes.  Based on the Company&#146;s internal review, and after consultation with the audit committee of the Company&#146;s board of directors, as well as the Company&#146;s independent registered public accounting firm, on July 2, 2009, the Company concluded that its audited financial statements for the periods ended March 31, 2009, 2008 and 2007, and the unaudited financial statements for the periods ended June 30, 2008, September 30, 2008, December 31, 2008, June 30, 2007, September 30, 2007 and December 31, 2007 are required to be restated due to accounting errors in those periods relating to the Company&#146;s accounting for deferred income taxes.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The restatements result from the Company erroneously recording a tax expense based on income from Kazakhstan operations that, pursuant to the Company&#146;s license and contract with the Republic of Kazakhstan and Kazakhstan tax law, the Company was not liable to recognize, due to the fact that the Company is operating in the exploration phase.  During the fourth quarter of fiscal 2008 the Company recognized the mistake and, believing the mistake to be the result of a change in its estimate of deferred income taxes made adjustments to its financial statements in that period.  Based upon further research and investigation, the Company has determined that the change in accounting for deferred income taxes was, in fact, the result of an error, not a change in estimate, due to the oversight and misuse of facts that existed at the time the financial statements were prepared, requiring restatement
of the reports identified in the preceding paragraph.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Because of the restatement, the Company&#146;s previously issued consolidated financial statements which are included in its Annual Report on Form 10-K for the years ended March 31, 2009, 2008 and 2007 and its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2007, September 30, 2007, December 31, 2007, June 30, 2008, September 30, 2008 and December 31, 2008 should no longer be relied upon.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company will correct this error by filing amendments to its Annual Reports on Form 10-K/A and its Quarterly Reports on Form 10-Q/A with the Securities and Exchange Commission, which will include restated consolidated financial statements and notes thereto, and other appropriate revisions.  We anticipate these amended filings will be filed no later than July 31, 2009.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The primary effect of the restatement will result in the following changes to the Company&#146;s consolidated financial statements for the fiscal years ended March 31, 2007 and 2008 and the periods ended June 30, 2007, September 30, 2007 and December 31, 2007:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>decreases to &#147;</font><i><font size=2>Deferred taxes</font></i><font size=2>&#148;, &#147;</font><i><font size=2>Total long term liabilities</font></i><font size=2>&#148; and &#147;</font><i><font size=2>Accumulated deficit</font></i><font size=2>&#148; and an increase in &#147;</font><i><font size=2>Retained earnings</font></i><font size=2>&#148; and &#147;</font><i><font size=2>Total shareholders&#146; equity</font></i><font size=2>&#148; in the Consolidated Balance Sheets</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font color="#FF0000"><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font color="#FF0000"><b> </b></font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>a decrease to &#147;</font><i><font size=2>Income tax expense</font></i><font size=2>&#148; and increases to &#147;</font><i><font size=2>Net income</font></i><font size=2>&#148;, &#147;</font><i><font size=2>Basic net income per common share</font></i><font size=2>&#148; and &#147;</font><i><font size=2>Diluted net income per common share</font></i><font size=2>&#148; in the Consolidated Statements of Operations in all periods except for the fiscal year ended March 31, 2008, during which we realize a decreases in &#147;</font><i><font size=2>Income tax benefit</font></i><font size=2>&#148;, &#147;</font><i><font size=2>Net income</font></i><font size=2>&#148;, &#147;</font><i><font size=2>Basic net income per common share</font></i><font size=2>&#148; and no change in &#147;</font><i><font size=2>Diluted net income per common share</font></i><font size=2>&#148;;
and</font></p> </td> </tr></table>
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<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>an increase in &#147;</font><i><font size=2>Net income</font></i><font size=2>&#148; and a decrease in &#147;</font><i><font size=2>Income tax (benefit)/provision</font></i><font size=2>&#148; in the Consolidated Statements of Cash Flows.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Following is a summary of the effects of these adjustments on the Company&#146;s Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Cash Flows as of, and for the periods ending, March 31, 2007, June 30, 2007, September 30, 2007, December 31, 2007 and March 31, 2008:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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</A></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font color="#FF0000"><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font color="#FF0000"><b> </b></font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="624" style='border-collapse:collapse'>
    <tr style='height:15.75pt'>
        <td  nowrap colspan="2" valign=bottom style='padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CONSOLIDATED BALANCE SHEETS</font></B></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:26.25pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>AS PREVIOUSLY REPORTED</font></p> </td>
        <td width="118" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>ADJUSTMENTS</font></p> </td>
        <td width="110" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>AS RESTATED</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" valign=top style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>MARCH 31, 2007:</font></B></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deferred taxes</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,948,297&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($299,999)</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,648,298&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total long term liabilities</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$10,114,126&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($299,999)</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$9,814,127&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accumulated deficit</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($8,204,936)</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$299,999&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($7,904,937)</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total shareholders&#146; equity</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$125,561,620&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$299,999&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$125,861,619&nbsp; </font></p> </td> </tr>
    <tr style='height:26.25pt'>
        <td width="285" valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>TOTAL LIABILITIES AND </font><br> <font size=2>SHAREHOLDERS&#146; EQUITY</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$144,796,045&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$144,796,045&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" valign=top style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>JUNE 30, 2007:</font></B></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deferred taxes</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$9,475,728&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($1,827,430)</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,648,298&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total long term liabilities</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$11,670,225&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($1,827,430)</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$9,842,795&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accumulated deficit</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($4,322,679)</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,827,430&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($2,495,249)</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total shareholders&#146; equity</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$130,020,834&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,827,430&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$131,848,264&nbsp; </font></p> </td> </tr>
    <tr style='height:27.0pt'>
        <td width="285" valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:27.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>TOTAL LIABILITIES AND </font><br> <font size=2>SHAREHOLDERS&#146; EQUITY</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:27.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$154,028,651&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:27.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:27.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$154,028,651&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" valign=top style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>SEPTEMBER 30, 2007:</font></B></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deferred taxes</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$12,019,068&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($4,370,770)</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,648,298&nbsp; </font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total long term liabilities</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$74,747,418&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($4,370,770)</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$70,376,648&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Retained earnings</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$614,394&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$4,370,770&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$4,985,164&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total shareholders&#146; equity</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$135,534,864&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$4,370,770&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$139,905,634&nbsp; </font></p> </td> </tr>
    <tr style='height:27.0pt'>
        <td width="285" valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:27.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>TOTAL LIABILITIES AND </font><br> <font size=2>SHAREHOLDERS&#146; EQUITY</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:27.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$222,830,745&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:27.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:27.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$222,830,745&nbsp; </font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" valign=top style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>DECEMBER 31, 2007:</font></B></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deferred taxes</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$15,370,129&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($7,721,831)</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,648,298&nbsp; </font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total long term liabilities</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$78,557,874&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($7,721,831)</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$70,836,043&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Retained earnings</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,119,395&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,721,831&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$14,841,226&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total shareholders&#146; equity</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$142,616,822&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,721,831&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$150,338,653&nbsp; </font></p> </td> </tr>
    <tr style='height:26.25pt'>
        <td width="285" valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>TOTAL LIABILITIES AND </font><br> <font size=2>SHAREHOLDERS&#146; EQUITY</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$241,979,412&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$241,979,412&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" valign=top style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>MARCH 31, 2008:</font></B></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deferred taxes</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,544,716&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,544,716&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total long term liabilities</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$71,808,702&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$71,808,702&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Retained earnings</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$23,405,627&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$23,405,627&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total shareholders&#146; equity</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$159,803,931&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$159,803,931&nbsp; </font></p> </td> </tr>
    <tr style='height:26.25pt'>
        <td width="285" valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>TOTAL LIABILITIES AND </font><br> <font size=2>SHAREHOLDERS&#146; EQUITY</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$254,838,093&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$254,838,093&nbsp; </font></p> </td> </tr></table>
</div>

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<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="624" style='border-collapse:collapse'>
    <tr style='height:.1in'>
        <td  nowrap colspan="3" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CONSOLIDATED STATEMENTS OF OPERATIONS</font></B></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td  nowrap colspan="3" valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>AS PREVIOUSLY REPORTED</font></p> </td>
        <td width="118" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>ADJUSTMENTS</font></p> </td>
        <td width="110" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>AS RESTATED</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>YEAR ENDED MARCH 31, 2007:</font></B></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income tax expense</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($853,280)</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$299,999&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($553,281)</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,039,491&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$299,999&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,339,490&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Basic net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.02&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.01&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.03&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Diluted net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.02&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.01&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.03&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3 MONTHS ENDED JUNE 30, 2007:</font></b></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income tax expense</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($1,527,431)</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,527,431&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$3,882,257&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,527,431&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$5,409,688&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Basic net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.09&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.03&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.12&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Diluted net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.09&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.03&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.12&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3 MONTHS ENDED SEPTEMBER 30, 2007:</font></b></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income tax expense</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($2,543,340)</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$2,543,340&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$4,937,073&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$2,543,340&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,480,413&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Basic net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.11&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.06&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.17&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Diluted net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.11&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.06&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.17&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>6 MONTHS ENDED SEPTEMBER 30, 2007:</font></b></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income tax expense</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($4,070,771)</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$4,070,771&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$8,819,330&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$4,070,771&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$12,890,101&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Basic net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.20&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.09&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.29&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Diluted net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.20&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.09&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.29&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3 MONTHS ENDED DECEMBER 31, 2007:</font></b></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income tax expense</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($3,351,061)</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$3,351,061&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$6,505,001&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$3,351,061&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$9,856,062&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Basic net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.15&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.07&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.22&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Diluted net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.14&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.08&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.22&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>9 MONTHS ENDED DECEMBER 31, 2007:</font></b></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income tax expense</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($7,421,832)</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,421,832&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$15,324,331&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,421,832&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$22,746,163&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Basic net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.34&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.16&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.50&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Diluted net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.34&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.17&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.51&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>YEAR ENDED MARCH 31, 2008:</font></B></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income tax benefit</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$403,581&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($299,999)</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$103,582&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$31,610,563&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($299,999)</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$31,310,564&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Basic net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.71&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($0.01)</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.70&nbsp; </font></p> </td> </tr>
    <tr style='height:.1in'>
        <td width="285" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Diluted net income per common share</font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.70&nbsp; </font></p> </td>
        <td width="118" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.00&nbsp; </font></p> </td>
        <td width="110" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.1in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0.70&nbsp; </font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<HR noshade align="center" width="100%" size="2">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
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<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="624" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:15.75pt'>
        <td  nowrap colspan="3" valign=bottom style='padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CONSOLIDATED STATEMENTS OF CASH FLOWS</font></B></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td  nowrap colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt ;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt ; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:26.25pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>AS PREVIOUSLY REPORTED</font></p> </td>
        <td width="103" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>ADJUSTMENTS</font></p> </td>
        <td width="103" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:26.25pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>AS RESTATED</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>YEAR ENDED MARCH 31, 2007:</font></B></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net Income</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,039,491&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$299,999&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,339,490&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income tax provision </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$853,280&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($299,999)</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$553,281&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net cash used in operating activities</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$5,914,292&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$5,914,292&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>3 MONTHS ENDED JUNE 30, 2007:</font></b></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net Income</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$3,882,257&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,527,431&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$5,409,688&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income tax provision </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,527,431&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($1,527,431)</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net cash provided by operating activities </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$8,997,673&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$8,997,673&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>6 MONTHS ENDED SEPTEMBER 30, 2007:</font></b></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net Income</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$8,819,330&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$4,070,771&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$12,890,101&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income tax provision </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$4,070,771&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($4,070,771)</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net cash provided by operating activities </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$10,774,828&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$10,774,828&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>9 MONTHS ENDED DECEMBER 31, 2007:</font></b></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net Income</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$15,324,331&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,421,832&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$22,746,163&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income tax provision </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,421,832&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($7,421,832)</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net cash provided by operating activities </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$23,874,252&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$23,874,252&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>YEAR ENDED MARCH 31, 2008:</font></B></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net Income</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$31,610,563&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($299,999)</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$31,310,564&nbsp; </font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income tax benefit</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($403,581)</font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$299,999&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>($103,582)</font></p> </td> </tr>
    <tr style='height:15.0pt'>
        <td width="265" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net cash provided by operating activities </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$49,981,194&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$0&nbsp; </font></p> </td>
        <td width="103" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$49,981,194&nbsp; </font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font color="#FF0000"><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font color="#FF0000"><b> </b></font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.52in;text-align:left;'><font size=2>The reports identified herein continue to be under review by the Securities and Exchange Commission and may be subject to additional changes.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.51in;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='border-collapse:collapse'>
    <tr >
        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>BMB MUNAI, INC.</font></p> </td> </tr>
    <tr >
        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Date: July 8, 2009  </font></p> </td>
        <td width="38" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By: </font></p> </td>
        <td width="262" valign=top style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Gamal Kulumbetov</font></p> </td> </tr>
    <tr >
        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="38" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="262" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Gamal Kulumbetov</font></p> </td> </tr>
    <tr >
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="38" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Executive Officer</font></p> </td> </tr></table>
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