<SEC-DOCUMENT>0001144204-13-026106.txt : 20130503
<SEC-HEADER>0001144204-13-026106.hdr.sgml : 20130503
<ACCEPTANCE-DATETIME>20130503060154
ACCESSION NUMBER:		0001144204-13-026106
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20130430
FILED AS OF DATE:		20130503
DATE AS OF CHANGE:		20130503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SINOVAC BIOTECH LTD
		CENTRAL INDEX KEY:			0001084201
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			B9
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32371
		FILM NUMBER:		13810221

	BUSINESS ADDRESS:	
		STREET 1:		39 SHANGDI XI ROAD
		STREET 2:		HAIDIAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100085
		BUSINESS PHONE:		86-10-82890088

	MAIL ADDRESS:	
		STREET 1:		39 SHANGDI XI ROAD
		STREET 2:		HAIDIAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100085

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NET FORCE SYSTEMS INC
		DATE OF NAME CHANGE:	19991110
</SEC-HEADER>
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<FILENAME>v343225_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">For the month of April 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">--------------</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Commission File Number: 001-32371</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">----------</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SINOVAC BIOTECH LTD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">No. 39 Shangdi Xi Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Haidian District</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Beijing 100085, People&rsquo;s Republic
of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F <FONT STYLE="font-family: Wingdings">&#120; </FONT>
Form 40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7):________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, thereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">SINOVAC BIOTECH LTD.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">By:&#9;/s/ Weidong Yin&#9;&#9;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name: Weidong Yin</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title: Chairman and Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April 30, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -63pt">Exhibit 99.1 &ndash; Press Release</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -63pt">Exhibit 99.2 &ndash; Press Release</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -63pt">Exhibit 99.3 &ndash; Press Release</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -63pt">Exhibit 99.4 &ndash; Press Release</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt; text-indent: -63pt">Exhibit 99.5 &ndash; Press Release</P>

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<TYPE>EX-99.1
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<FILENAME>v343225_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Sinovac Reports Preliminary Top-Line
Results from Phase III Clinical Trial for EV71 Vaccine Candidate Against Hand, Foot and Mouth Disease</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">-- Unblinded Phase III Preliminary Results Demonstrate Vaccine
Efficacy Rate of 95.4%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BEIJING, March 14, 2013 /PRNewswire/ --&nbsp;Sinovac Biotech
Ltd. (<FONT STYLE="color: windowtext">SVA</FONT>), a leading provider of vaccines in China, announced today preliminary top-line
data from its Phase III clinical trial assessing the efficacy, immunogenicity and safety of the Company's proprietary Enterovirus
71 (&quot;EV71&quot;) vaccine against hand, foot and mouth disease (&quot;HFMD&quot;).<BR>
<BR>
The primary objective of the study was to evaluate the efficacy of the EV71 vaccine in the prevention of HFMD caused by EV71 in
infants of 6 to 35 months old.&nbsp;The preliminary Phase III data showed that Sinovac's EV71 vaccine was 95.4% (95% CI: 87.5%,
98.3%) efficacious against HFMD caused by EV71.<BR>
<BR>
The Phase III trial showed good immunogenicity and safety for Sinovac's EV71 vaccine. The overall incidence of serious adverse
events in this trial was 2.2% among the EV71 candidate vaccine recipients and 2.6% among those receiving a control vaccine during
the fourteen months observation period. The difference in rates of serious adverse events (&quot;SAEs&quot;) is not statistically
significant. Most of the SAEs were considered unlikely to be vaccine-related.<BR>
<BR>
The double-blinded, randomized, placebo controlled Phase III clinical trial was conducted at three sites across China's Jiangsu
province.&nbsp;Approximately 10,000 healthy infants completed the two dose vaccination schedule (at 0 and 28 days) in the first
quarter of 2012, prior to the HFMD epidemic season in China, followed by active monitoring period.<BR>
<BR>
In parallel, Sinovac conducted another clinical study that was comprised of 1,400 volunteers and designed to evaluate the consistency
of three consecutive lots of EV71 vaccine manufactured by the Company. The trial was conducted in children from 6 month to 5 years
old. After receiving the vaccine, the ratios of neutralizing antibody GMTs on the 56th day of any two groups were calculated and
the 95% confidence intervals of the ratios are all between 0.67 and1.5, which indicates the immunogenicity of the three vaccine
lots is equivalent. The study results showed consistent immune response for all three lots and a good safety profile.&nbsp;With
immunogenicity equivalent across the three consecutive lots, the results showed Sinovac's vaccine production process and quality
are stable.<BR>
<BR>
In March 2008, an EV71 outbreak in Fuyang City of China's Anhui Province caused 23 fatalities, and attracted significant attention
from the government and medical communities. In May 2008, the PRC Ministry of Health identified EV71 as a Class C infectious disease
according to prevention and control regulations. EV71 outbreaks have increased over the last five years, with over 1 million cases
identified and 500 to 900 reported fatalities each year.<BR></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
Dr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, &quot;We are excited to report an over 95% efficacy rate from
the Phase III trial on our proprietary EV71 vaccine candidate. The conclusion of this trial marks an important milestone in the
development of our proprietary vaccine. Hand, foot, and mouth disease continues to represent a significant unmet public health
need and economic burden in China, as well as several other Asian countries. Our EV71 vaccine is poised to provide an effective
solution to prevent hand, food and mouth disease caused by EV71, a much needed resource given the current limited prevention and
EV71 specific treatment methods. At Sinovac, we are committed to our stated mission to develop and supply vaccines to eliminate
human diseases.&quot;<BR>
<BR>
Professor Hua Wang, Lead Principal Investigator, stated, &quot;The Phase III study for Sinovac's EV71 vaccine candidate met its
primary objective. The trial results demonstrated that the vaccine is not only safe, but shows significant efficacy in subjects.&quot;<BR>
<BR>
The Company's next step is to finalize the clinical report, which will become an important part of documents to be filed with the
PRC State Food and Drug Administration (&quot;SFDA&quot;) for the application of new drug certificate, GMP certification, and the
production license in order to commence the commercial production of the vaccine. &nbsp;In parallel, Sinovac's dedicated EV71 vaccine
manufacturing facility has been completed and is ready for the GMP inspection by SFDA.<BR>
<BR>
Sinovac obtained clinical research approval for its proprietary EV71 vaccine candidate from the SFDA in December 2010, and completed
Phase I and II clinical trials in 2011. The preliminary results of the Phase I and Phase II studies confirmed that Sinovac's vaccine
candidate has good safety and immunogenicity profile.<BR>
<BR>
About Sinovac<BR>
<BR>
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on research, development, manufacturing and commercialization
of vaccines that protect against human infectious diseases including hepatitis A and B, seasonal influenza, H5N1 pandemic influenza
and mumps, as well as animal rabies vaccine.&nbsp;In 2009, Sinovac was the first company worldwide to receive approval for its
H1N1 influenza vaccine, Panflu.1, and has manufactured it for the Chinese Central Government, pursuant to the government-stockpiling
program.&nbsp;The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government-stockpiling program.
Sinovac is developing a number of new pipeline vaccines including vaccines for enterovirus 71 (against hand, foot, and mouth disease),
pneumococcal conjugate, pneumococcal polysaccharides, varicella and rubella.&nbsp;Sinovac sells its vaccines mainly in China and
exports selected vaccines to Mongolia, Nepal, and the Philippines.<BR></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
Safe Harbor Statement<BR>
<BR>
This announcement contains forward-looking statements. These statements are made under the &quot;safe harbor&quot; provisions of
the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases
such as &quot;will,&quot; &quot;expects,&quot; &quot;anticipates,&quot; &quot;future,&quot; &quot;intends,&quot; &quot;plans,&quot;
&quot;believes,&quot; &quot;estimates&quot; and similar statements. Among other things, the business outlook and quotations from
management in this press release contain forward-looking statements. Statements that are not historical facts, including statements
about Sinovac's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking
statement. Sinovac does not undertake any obligation to update any forward-looking statement, except as required under applicable
law.<BR>
<BR>
Helen Yang<BR>
Sinovac Biotech Ltd.<BR>
Tel:&nbsp; +86-10-8279-9871<BR>
Fax:&nbsp; +86-10-6296-6910<BR>
Email:&nbsp;<FONT STYLE="color: windowtext">ir@sinovac.com</FONT><BR>
<BR>
Investors:<BR>
<BR>
Stephanie Carrington<BR>
The Ruth Group<BR>
Tel:&nbsp; +1-646-536-7017<BR>
Email:&nbsp;<FONT STYLE="color: windowtext">scarrington@theruthgroup.com</FONT><BR>
<BR>
Media:<BR>
<BR>
Aaron Estrada<BR>
The Ruth Group<BR>
Tel:&nbsp; +1-646-536-7028<BR>
Email:&nbsp;<FONT STYLE="color: windowtext">aestrada@theruthgroup.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: windowtext">&nbsp;</FONT></P>

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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>v343225_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sinovac Schedules Conference Call and Webcast for Fourth
Quarter and Full Year Unaudited Financial Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beijing &ndash; April 2, 2013 &ndash; Sinovac Biotech Ltd. (NASDAQ:
SVA), a leading provider of vaccines in China, today announced that it will release its unaudited financial results for the fourth
quarter and full year ended December 31, 2012, before market on Thursday, April 18, 2013.&nbsp; The Company will host a conference
call on Thursday, April 18, 2013, at 8:00 a.m. EDT (April 18, 2013, at 8:00 p.m. China Standard Time) to review the Company's financial
results and provide an update on recent corporate developments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To access the conference call, please dial 1-877-407-4018 (USA)
or 1-201-689-8471 (International).&nbsp; A replay of the call will be available from 11 a.m. EDT on April 18, 2013 to May 2, 2013
at midnight.&nbsp; To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (International) and reference the replay
pin number 411774.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A live audio webcast of the call will also be available from
the investors section on the corporate web site at www.sinovac.com. &nbsp;A webcast replay can be accessed on the corporate website
beginning April 18, 2013, and the replay will remain available for 30 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">About Sinovac</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sinovac Biotech Ltd. is a China-based biopharmaceutical company
that focuses on research, development, manufacturing and commercialization of vaccines that protect against infectious diseases
including hepatitis A and B, seasonal influenza, H5N1 pandemic influenza and mumps, as well as animal rabies vaccine.&nbsp; In
2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, Panflu.1, and has manufactured
it for the Chinese Central Government, pursuant to the government-stockpiling program.&nbsp; The Company is also the only supplier
of the H5N1 pandemic influenza vaccine to the government-stockpiling program.&nbsp; Sinovac is developing a number of new pipeline
vaccines including vaccines for enterovirus 71 (against hand, foot, and mouth disease), pneumonia, varicella and rubella.&nbsp;
Sinovac sells its vaccines mainly in&nbsp;China&nbsp;and exports selected vaccines to&nbsp;Mongolia,Nepal, and the&nbsp;Philippines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Safe&nbsp;Harbor&nbsp;Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This announcement contains forward-looking statements. These
statements are made under the &quot;safe harbor&quot; provisions of the&nbsp;U.S.&nbsp;Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by words or phrases such as &quot;will,&quot; &quot;expects,&quot;
&quot;anticipates,&quot; &quot;future,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;believes,&quot; &quot;estimates&quot;
and similar statements. Among other things, the business outlook and quotations from management in this press release contain
forward-looking statements. Statements that are not historical facts, including statements about Sinovac's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors
could cause actual results to differ materially from those contained in any forward-looking statement. Sinovac does not undertake
any obligation to update any forward-looking statement, except as required under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Helen Yang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sinovac Biotech Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel:&nbsp; +86-10-8279-9871</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax:&nbsp; +86-10-6296-6910</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:&nbsp;ir@sinovac.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephanie Carrington</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Ruth Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel:&nbsp; +1-646-536-7017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:&nbsp;<FONT STYLE="color: windowtext">scarrington@theruthgroup.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Media:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aaron Estrada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Ruth Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel:&nbsp; +1-646-536-7028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:&nbsp;<FONT STYLE="color: windowtext">aestrada@theruthgroup.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: windowtext">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: windowtext"></FONT></P>

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<SEQUENCE>4
<FILENAME>v343225_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sinovac Receives Commercial Approval in Mexico for Seasonal
Flu Vaccine</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beijing &ndash; April 18, 2013 &ndash; Sinovac Biotech Ltd.
(Nasdaq:&nbsp;<FONT STYLE="color: windowtext">SVA</FONT>), a leading provider of vaccines in China, announced today that it has
received the Certificate of Approval to commercialize seasonal flu vaccine in Mexico by the Federal Commission for the Protection
Against Sanitary Risk (COFEPRIS) of the Mexico Ministry of Health. The certificate of commercial approval is valid from April 1,
2013 to April 1, 2018. The Company filed the application to distribute Anflu in&nbsp;Mexico&nbsp; in 2005, and received the GMP
certificate for its seasonal flu and hepatitis A vaccines on August 11, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Laboratorios Imperiales S.A. de C.V., a biopharmaceutical company
operating in&nbsp;Mexico&nbsp;since 1935, is the exclusive distributor of Sinovac's vaccine products in Mexico, pursuant to a distribution
agreement signed in 2005 with its affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. Weidong Yin, Chairman, President and CEO of Sinovac, said,
&ldquo; This is a great milestone for Sinovac as we look to continue expanding our commercial efforts worldwide. We are pleased
to receive approval to supply Anflu in the Mexican market, which we perceive as a significant opportunity outside of China. We
expect to begin sales planning for Mexican market in conjunction with our partner, Laboratorios Imperiales, in the coming days.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">About Sinovac</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sinovac Biotech Ltd. is a China-based biopharmaceutical company
that focuses on research, development, manufacturing and commercialization of vaccines that protect against human infectious diseases
including hepatitis A and B, seasonal influenza, H5N1 pandemic influenza and mumps, as well as animal rabies vaccine.&nbsp; In
2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, Panflu.1, and has manufactured
it for the Chinese Central Government, pursuant to the government-stockpiling program.&nbsp; The Company is also the only supplier
of the H5N1 pandemic influenza vaccine to the government-stockpiling program.&nbsp; Sinovac is developing a number of new pipeline
vaccines including vaccines for enterovirus 71 (against hand, foot, and mouth disease), pneumococcal conjugate, pneumococcal polysaccharides,
varicella and rubella.&nbsp; Sinovac sells its vaccines mainly in China and exports selected vaccines to Mongolia, Nepal, and
the Philippines. Sinovac was also granted a license to commercialize seasonal flu vaccine in Mexico.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Safe Harbor Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This announcement contains forward-looking statements. These
statements are made under the &quot;safe harbor&quot; provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by words or phrases such as &quot;will,&quot; &quot;expects,&quot; &quot;anticipates,&quot;
&quot;future,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;believes,&quot; &quot;estimates&quot; and similar statements.
Among other things, the business outlook and quotations from management in this press release contain forward-looking statements.
Statements that are not historical facts, including statements about Sinovac's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results
to differ materially from those contained in any forward-looking statement. Sinovac does not undertake any obligation to update
any forward-looking statement, except as required under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Helen Yang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sinovac Biotech Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel:&nbsp; +86-10-8279-9871</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax:&nbsp; +86-10-6296-6910</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:&nbsp;<FONT STYLE="color: windowtext">ir@sinovac.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephanie Carrington</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Ruth Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel:&nbsp; +1-646-536-7017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:&nbsp;<FONT STYLE="color: windowtext">scarrington@theruthgroup.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Media:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aaron Estrada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Ruth Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel:&nbsp; +1-646-536-7028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:&nbsp;<FONT STYLE="color: windowtext">aestrada@theruthgroup.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: windowtext">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: windowtext"></FONT></P>

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<SEQUENCE>5
<FILENAME>v343225_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sinovac EV71 Vaccine Phase III Top-Line Results Presented
at 13th Annual World Vaccine Congress &amp; Expo</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&ndash; Efficacy and Safety Data for EV71 Vaccine Discussed
in Presentation by Deputy Director of Jiangsu Provincial CDC </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beijing &ndash; April 18, 2013&nbsp;&ndash; Sinovac Biotech
Ltd. (NASDAQ: SVA), a leading provider of vaccines in China,announced today that Fengcai Zhu, Deputy Director of the Jiangsu Provincial
Center for Disease Prevention and Control, presented data regarding Sinovac&rsquo;s proprietary enterovirus 71 (&ldquo;EV71&rdquo;)
vaccine against hand, foot and mouth disease (&ldquo;HFMD&rdquo;) at the 13th Annual World Vaccine Congress &amp; Expo, taking
place from April 16-18, 2013, in Washington D.C.&nbsp; Dr. Fengcai Zhu acted as a co-principal investigator in Sinovac&rsquo;s
phase III trial for its EV71 vaccine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. Fengcai Zhu delivered a presentation entitled &ldquo;The
clinical evaluation of new vaccines in China,&rdquo; at 12:25 pm EDT on April 17, 2013.&nbsp; In his presentation, Dr. Fengcai
Zhu discussed the efficacy and safety of the Company&rsquo;s EV71 vaccine. Data from the Phase III trial indicated that our EV71
vaccine had 95% efficacy against EV71-associated HFMD /herpangina, and 100% efficacy against EV71-associated hospitalization. &nbsp;Herpangina
is a painful mouth infection that can be caused by&nbsp;EV71.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There were no significant differences between the vaccine group
and the placebo group for the adverse reaction symptoms and incident rate in the phase III trial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The double-blinded, randomized, placebo controlled phase III
clinical trial was conducted at three sites across China&rsquo;s Jiangsu province. Approximately 10,000 healthy infants completed
the two-dose vaccination schedule (at day 0 and day 28) in the first quarter of 2012, prior to the HFMD epidemic season in China.
Trial participants were then followed in an active monitoring period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information about the 13th Annual World Vaccine Congress
&amp; Expo, visit the&nbsp;<FONT STYLE="color: windowtext">webpage</FONT>(<FONT STYLE="color: windowtext">http://www.terrapinn.com/2013/world-vaccine-congress-washington/index.stm</FONT>)
or the&nbsp;<FONT STYLE="color: windowtext">event blog</FONT>(<FONT STYLE="color: windowtext">http://blogs.terrapinn.com/vaccinenation</FONT>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">About Sinovac</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sinovac Biotech Ltd. is a China-based biopharmaceutical company
that focuses on research, development, manufacturing and commercialization of vaccines that protect against human infectious diseases
including hepatitis A and B, seasonal influenza, H5N1 pandemic influenza and mumps, as well as animal rabies vaccine.&nbsp; In
2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, Panflu.1, and has manufactured
it for the Chinese Central Government, pursuant to the government-stockpiling program.&nbsp; The Company is also the only supplier
of the H5N1 pandemic influenza vaccine to the government-stockpiling program.&nbsp; Sinovac is developing a number of new pipeline
vaccines including vaccines for enterovirus 71 (against hand, foot, and mouth disease), pneumococcal conjugate, pneumococcal polysaccharides,
varicella and rubella.&nbsp; Sinovac sells its vaccines mainly in China and exports selected vaccines to Mongolia, Nepal, and
the Philippines. Sinovac was also granted a license to commercialize seasonal flu vaccine in Mexico.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Safe Harbor Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This announcement contains forward-looking statements. These
statements are made under the &quot;safe harbor&quot; provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by words or phrases such as &quot;will,&quot; &quot;expects,&quot; &quot;anticipates,&quot;
&quot;future,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;believes,&quot; &quot;estimates&quot; and similar statements.
Among other things, the business outlook and quotations from management in this press release contain forward-looking statements.
Statements that are not historical facts, including statements about Sinovac's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to
differ materially from those contained in any forward-looking statement. Sinovac does not undertake any obligation to update any
forward-looking statement, except as required under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Helen Yang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sinovac Biotech Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel:&nbsp; +86-10-8279-9871</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax:&nbsp; +86-10-6296-6910</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:&nbsp;<FONT STYLE="color: windowtext">ir@sinovac.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephanie Carrington</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Ruth Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel:&nbsp; +1-646-536-7017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:&nbsp;<FONT STYLE="color: windowtext">scarrington@theruthgroup.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Media:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aaron Estrada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Ruth Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel:&nbsp; +1-646-536-7028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:&nbsp;<FONT STYLE="color: windowtext">aestrada@theruthgroup.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<SEQUENCE>6
<FILENAME>v343225_ex99-5.htm
<DESCRIPTION>EXHIBIT 99.5
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Sinovac Reports Unaudited Fourth Quarter
and Full Year 2012 Financial Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&ndash; Conference call scheduled for Thursday,
April 18, 2013 at 8:00 AM EDT&ndash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beijing &ndash; April 18, 2013 <FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;
Sinovac Biotech Ltd. (</FONT>NASDAQ: SVA), a leading provider of vaccines in China, announced<FONT STYLE="font-family: Times New Roman, Times, Serif">
today its unaudited fourth quarter and full year </FONT>financial results for the period ended December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font: 10pt Wingdings">l</FONT></TD><TD STYLE="text-align: justify; padding-right: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total sales were
$19.0 million for the fourth quarter of 2012, a decrease of 10.4% from $21.1 million in the same period of 2011. Excluding sales
of Panflu and Panflu.1 under the government stockpiling program in the fourth quarter of 2011, total sales in the fourth quarter
of 2012 increased by 166.9% from $7.1 million in the same period of 2011. 2012 full year </FONT>sales were $48.6 million, a decrease
of 14.5% from $56.8 million in 2011. Excluding sales of Panflu and Panflu.1 under the government stockpiling program in 2011, the
regular sales, including Healive, Bilive and Anflu, mumps vaccine and RabEnd, increased by 38.6% to $48.6 million in 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Wingdings">l</FONT></TD><TD STYLE="text-align: justify; padding-right: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net loss attributable
to common stockholders </FONT>in the fourth quarter of 2012 <FONT STYLE="font-family: Times New Roman, Times, Serif">was $5.4 million,
or $0.10 per basic and diluted share. Full year 2012 n</FONT>et loss attributable to common stockholders was $15.7 million, or
$0.29 per basic and diluted share. The operating expense for the fourth quarter and full year included a $1.5 million impairment
charge on long-lived assets related to the production of animal vaccine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 16pt">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Wingdings">l</FONT></TD><TD STYLE="text-align: justify; padding-right: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash and cash equivalents
totaled $90.9 million as of </FONT>December<FONT STYLE="font-family: Times New Roman, Times, Serif"> 31, 2012, compared to $104.3
million as of December 31, 2011.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recent Business Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Wingdings">l</FONT></TD><TD STYLE="text-align: justify; padding-right: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">In March 2013, Sinovac
announced preliminary top-line data from its phase III clinical trial assessing the efficacy, immunogenicity and safety of the
Company&rsquo;s proprietary enterovirus 71 (&ldquo;EV71&rdquo;) vaccine against hand, foot and mouth disease (&ldquo;HFMD&rdquo;).
The primary objective of the study was to evaluate the efficacy of the EV71 vaccine in the prevention of HFMD caused by EV71 in
infants of between 6 to 35 months of age. The preliminary phase III data showed that Sinovac&rsquo;s EV71 vaccine was 95% efficacious
against HFMD caused by EV71. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 21.3pt">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Wingdings">l</FONT></TD><TD STYLE="text-align: justify; padding-right: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">In April 2013, Fengcai
Zhu, Deputy Director of the Jiangsu Provincial Center for Disease Prevention and Control, and co-principal investigator of Sinovac&rsquo;s
phase III trial on EV71 vaccine, presented data regarding the efficacy and safety of the Company&rsquo;s proprietary EV71 vaccine
against HFMD at the 13th Annual World Vaccine Congress &amp; Expo. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 21.3pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 21.3pt">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font: 10pt Wingdings">l</FONT></TD><TD STYLE="padding-right: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Also
                                                                                                    in April, 2013, we were granted
                                                                                                    a license from COFEPRIS, the
                                                                                                    regulatory authority of Mexico's
                                                                                                    Ministry of Health, to sell
                                                                                                    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Anflu
                                                                                                    in Mexico</B><FONT STYLE="font-size: 10pt">.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. Weidong Yin, Chairman, President and CEO, commented, &ldquo;2012
was a transformative year for Sinovac as we focused on continuing to advance our vaccine development pipeline. We invested significantly
in research and development this year for our lead candidate, our proprietary EV71 vaccine against HFMD. We are well positioned
for medium- to long-term growth as this vaccine progresses through the regulatory process and approaches launch.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. Yin continued, &ldquo;EV71 represents a significant unmet
medical need in China with over 2.16 million cases reported in 2012, from which 560 fatalities were reported, Most of serve cases
of EV71 infection were seen in children under 5 years old, which totaled approximately 80 million in China. Unfortunately, no EV71-specific
treatment and prevention method currently exists. With knowledge of this unmet need, we commenced development of an EV71 vaccine
in 2008, and recently concluded the phase III efficacy trial for this candidate. In March 2013, the unblinded top-line results
from the phase III clinical trial for the vaccine demonstrated a 95% efficacy rate against HFMD caused by EV71. We expect our EV71
vaccine, once commercialized, will provide a solution to this unmet medical need in China.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dr. Yin
concluded, &ldquo;I am also very pleased with the 38.6% increase in regular vaccine sales for 2012. Growth was achieved across
all three of our market segments: private pay market, public market and international market. Sinovac&rsquo;s core products, inclusive
of Healive, Bilive, and Anflu, contributed to our sales growth, with Bilive and Healive sales in the private market in China being
the primary contributors to both the rate and magnitude of the sales increase. Our financial results benefited from a successful
price increase for both of these products, as well as higher volume. Our well-trained, experienced sales team continues to drive
growth in our commercialized vaccine products, but also has taken significant strides to increase </FONT>efficacy in our <FONT STYLE="font: 10pt Times New Roman, Times, Serif">sales
and marketing infrastructure, positioning us well for future vaccine product launches, such as the EV71 vaccine.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Review for Unaudited Fourth Quarter Ended December
31, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An analysis of sales and gross profit is as follows:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 35%; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-left: 0; border-top: Black 1pt solid">In USD</TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">2012 Q4</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid">%
                                                                                                                                                                                             of Sales</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">2011 Q4</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"></TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid">%
                                                                                                                                                                                             of Sales</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: black"><B>Fluctuation %</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: black; padding-left: 0">Healive-hepatitis A</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">10,037,198</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">53.0</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">2,970,802</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">14.1</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">237.9</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: black; padding-left: 0">Bilive-hepatitis A&amp;B</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">3,784,668</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">20.0</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">605,624</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">2.9</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">524.9</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: black; padding-left: 0">Anflu- influenza</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">5,091,076</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">26.8</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">3,523,452</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">16.7</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">44.5</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left; padding-left: 0">Core sales</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">18,912,942</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">99.8</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">7,099,878</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">33.7</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">166.4</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: black; padding-left: 0">Mumps</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">23,925</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">0.1</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: black; text-align: left; padding-left: 0">Rabend (Animal)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">14,634</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">0.1</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left; padding-left: 0">Regular Sales</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">18,951,501</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">7,099,878</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">166.9</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: black; padding-left: 0">Panflu.1 -H1N1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">14,004,653</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">66.2</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: black; padding-left: 0">Panflu-H5N1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">38,873</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">0.1</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0">Total sales</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">18,951,501</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>&#12288;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">21,143,404</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>&#12288;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; border-bottom: Black 1pt solid">-10.4</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 1pt solid">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: black; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid">Cost of Sales</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; border-bottom: Black 1pt solid">8,698,009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; border-bottom: Black 1pt solid">8,031,758</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: black; text-align: left; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 3px double">Gross profit</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; border-bottom: Black 3px double">10,253,492</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; border-bottom: Black 3px double">54.1</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 3px double">%</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; border-bottom: Black 3px double">13,111,646</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; border-bottom: Black 3px double">62.0</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 3px double">%</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right; border-bottom: Black 3px double">-21.8</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 3px double">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total revenue for the fourth quarter of 2012 was $19.0 million,
a decrease of 10.4% from $21.1 million in the same period of 2011. Fourth quarter 2012 sales of our regular products, Healive,
Bilive, Anflu, mumps vaccine and RabEnd, increased by 166.9% to $19.0 million from $7.1 million in the same period of 2011. The
significant increase in sales of core products in the fourth quarter was driven by: 1) expansion of Healive to a new territory
of Jiangsu Province in the fourth quarter; 2) the successful implementation of a new sales strategy to achieve both volume growth
and average selling price increase for hepatitis vaccines; and 3) higher Anflu sales in the fourth quarter compared to other regular
years due to a later start of the Anflu sales season in 2012. 2011 sales included recognition of approximately $14 million revenue
from Panflu and Panflu.1 vaccines stockpiled by the Chinese government in 2010. These two products are not for regular sales, since
they were produced upon government order and subject to the government decision of using the vaccines within its shelf life if
there was any flu pandemic caused by H1N1 and/or H5N1. The Company&rsquo;s revenue recognition requirements were not met until
the fourth quarter of 2011. And in 2012, there was no revenue recognized for either Panflu or Panflu.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">Compared with the fourth quarter of 2011, the gross
profit margin for the fourth quarter of 2012 decreased from 62.0% to 54.1%. The higher gross margin in the fourth quarter of 2011
was due to the recognition of $14 million revenue from H1N1 vaccine stockpiling, which has a higher gross profit margin than other
vaccines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Selling, general and administrative expenses for the fourth
quarter of 2012 were $12.8 million, compared to $5.9 million in the same period of 2011. The increase in SG&amp;A was largely due
to an increase in G&amp;A, although both selling expense and general and administration expense increased. The increase of G&amp;A
expense was resulted from the increased expenses incurred for validation, commissioning, and trial production for the dedicated
production facility for our EV71 vaccine at the Changping site, Beijing, and the preparation for GMP inspection by the government
authorities of our existing manufacturing facilities in both the Changping and Shangdi sites in Beijing for compliance with China&rsquo;s
2010 GMP guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">The R&amp;D expense for the fourth quarter of 2012
was $1.3 million, a $1 million decrease from $2.3 million for the same period in 2011, due to lower EV71 clinical trial expense
as the trial approaching its end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">Depreciation of property, plant and equipment and amortization
of licenses and permits for the fourth quarter of 2012 was $0.5 million, compared to $0.4 million for the same period in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">For the fourth quarter of 2012, an impairment charge
of $1.5 million on the long-lived assets including plant and building, machinery and equipments related to the animal vaccine production
was made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net loss attributable to stockholders for the fourth quarter
of 2012 was $5.4 million, or $0.10 per basic and diluted share, compared to a net income of $2.8 million, or $0.05 per basic and
diluted share, for the same period in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Review for Unaudited Full Year Results Ended December
31, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An analysis of sales and gross profit of full year 2012 is as
follows:&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; vertical-align: middle; padding-left: 0">In USD</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; vertical-align: middle">2012</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: middle">% of Sales</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; vertical-align: middle">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: middle">% of Sales</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; vertical-align: middle">Fluctuation %</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 35%; font-size: 10pt; color: black; padding-left: 0">Healive-hepatitis A</TD><TD STYLE="width: 1%; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: black; text-align: right">20,141,416</TD><TD STYLE="width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: black; text-align: right">41.5</TD><TD STYLE="width: 1%; font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: black; text-align: right">14,217,393</TD><TD STYLE="width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: black; text-align: right">25.0</TD><TD STYLE="width: 1%; font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: black; text-align: right">41.7</TD><TD STYLE="width: 1%; font-size: 10pt; color: black; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: black; padding-left: 0">Bilive-hepatitis A&amp;B</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">19,417,940</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">40.0</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">12,721,993</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">22.4</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">52.6</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: black; padding-left: 0">Anflu-influenza</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">8,943,937</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">18.4</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">8,112,279</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">14.3</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">10.3</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left; padding-left: 0">Core sales</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">48,503,293</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">99.9</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">35,051,665</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">61.7</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">38.4</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: black; padding-left: 0">Mumps</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">23,925</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">0.0</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: black; text-align: left; padding-left: 0">Rabend (Animal)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">49,482</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">0.1</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left; padding-left: 0">Regular Sales</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">48,576,700</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">100.0</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">35,051,665</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">61.7</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: right">38.6</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: black; padding-left: 0">Panflu.1 -H1N1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">14,008,225</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">24.6</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: black; padding-left: 0">Panflu-H5N1</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">7,782,002</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">13.7</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid">Total Sales</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">48,576,700</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>&#12288;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">56,841,892</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">100.0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">%</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">-14.5</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: black; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid">Cost of goods sold</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">19,099,927</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&#12288;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">21,127,410</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&#12288;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&#12288;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: black; text-align: left; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 3px double">Gross profit</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">29,476,773</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">60.7</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 3px double">%</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">35,714,482</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">62.8</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 3px double">%</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-size: 10pt; color: black; text-align: right">-17.5</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: black; text-align: left; border-bottom: Black 3px double">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">Total revenue for the fiscal year ended December 31,
2012 was $48.6 million, a decrease of 14.5% from $56.8 million reported in 2011. Excluding the revenue recognized on the government
stockpiling of Panflu and Panflu.1 in 2010, sales of our regular products, Healive, Bilive and Anflu, mumps vaccine and RabEnd,
increased by 38.6% to $48.6 million in 2012 from $35.1 million in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gross profit margin was 60.7% in 2012, a decline from 62.8%
in 2011. Excluding the impact to sales and cost of sales in both years by of Panflu and Panflu.1, the gross margin of regular vaccine
products increased to 63.7% in 2012 from 57.7% in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Selling, general and administrative expenses in 2012 were $31.7
million, compared to $22.4 million in 2011. The increase in SG&amp;A was largely due to an increase in G&amp;A, although both selling
expense and general and administration expense increased. The increase of G&amp;A expense was due to the increased cost incurred
on the validation of the new facilities in Changping site and preparation for new GMP compliance inspection of our existing manufacturing
facilities in both Changping and Shangdi sites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Research and development expenses in 2012 increased to $17.0
million from $9.0 million in 2011. The increase was mainly due to expense incurred in 2012 in connection with the EV71 phase III
clinical trial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">Depreciation of property, plant and equipment and amortization
of licenses and permits in 2012 was $1.6 million, compared to $1.4 million in 2011. The higher depreciation in 2012 was mainly
due to the additional depreciation on property, plant and equipment of the Changping site.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company recorded loss on disposal and impairment of property,
plant and equipment of $2.2 million as operating expense, in which $1.5 million was for animal vaccine production related assets
and $0.5 million was for human vaccine production related assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net loss attributable to stockholders in 2012 was $15.7 million,
or $0.29 per basic and diluted share, compared to a net loss of $0.8 million, or $0.02 per basic and diluted share in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2012, cash and cash equivalents totaled $90.9
million, compared to $104.3 million as of December 31, 2011. Net cash used in operating activities was $16.6 million in 2012, which
primarily resulted from payment made for EV71 clinical trial and validation of the new facilities in Changping, Beijing and new
GMP inspection preparation expenses. Net cash used in investing activities was $16.2 million, which primarily resulted from payment
for the purchase of property, plant and equipment for the Changping site. Net cash provided by financing activities was $17.3 million
in 2012.&nbsp;The Company maintained a strong cash balance despite significant expenditure on the phase III clinical trial of EV71
vaccine candidate and investment in its production facilities. In order to commercialize other pipeline products, the Company may
continue to explore new sources of financing when appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Correction of Unaudited Financials in Prior Quarterly Release</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the second quarter of 2012, the Company assessed there was
reasonable assurance that the conditions attached to several government grants were fulfilled and recognized $1.4 million and $1.5
million of government grants as income for the three and six months periods ended June, 30, 2012, respectively. In the fourth quarter
of 2012, the Company determined that government grants of $0.98 million (RMB 6.2 million) related to the purchase of equipment
that should have been recorded as deferred government grants with the balance applied to reduce depreciation expense of the related
equipment over their remaining useful lives. As a result, the amount of government grants recognized as income should be reduced
by $0.98 million for the three and six months periods ended June 30, 2012, and $0.98 million for the nine months periods ended
September 30, 2012, respectively. The depreciation expense should also be reduced by $11,679 and $11,679 for the three and six
months periods ended June 30, 2012, and $36,646 and $46,636 for the three and nine months periods ended September 30, 2012, respectively.
Net cash used from operating activities remained unchanged, because the adjustments on net loss, depreciation of property, plant
and equipment and amortization of licenses and permits, and the recognized government grant income in operating activities did
not affect cash. Corresponding corrections were made for both the unaudited fourth quarter and full year 2012 financial statements.
The corrections to earning releases that were issued in the affected quarters in 2012 are presented in the tables below. Investors
should no longer rely upon the previously released unaudited financial statements for the periods and any earnings releases or
other communications relating to these periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Consolidated Statements of Income (Loss) and Comprehensive
Income (Loss):</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unaudited Three-month and six-month period ended June 30, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: right; padding-left: 0; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Three months ended 'June 30 2012</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Six months ended 'June 30 2012</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: right; padding-left: 0; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">Previously Reported</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">Adjustment</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">Corrected Report</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">Previously Reported</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">Adjustment</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">Corrected Report</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 40%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-left: 0">Sales</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,364,632</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,364,632</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,338,099</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,338,099</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid">Cost of sales</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,375,917</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,375,917</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,631,206</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,631,206</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: Black; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid">Gross profit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,988,715</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,988,715</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,706,893</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,706,893</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: Black; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0">Selling,&nbsp;general&nbsp;and&nbsp;administrative&nbsp;expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,700,526</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,700,526</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,020,815</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,020,815</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0">Research and development expenses - net of</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,676,703</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,676,703</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,018,875</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,018,875</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0; vertical-align: top"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0"><FONT STYLE="color: Black"><B>Depreciation
                                                                                                                      of property, plant and equipment&nbsp; </B></FONT>and amortization of&nbsp;&nbsp;licenses and permits&nbsp;</P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">324,944</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(11,679</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">313,265</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">632,387</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(11,679</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">620,708</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid">Government&nbsp;grants&nbsp;recognized&nbsp;in&nbsp;income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,386,126</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">981,044</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(405,082</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,457,330</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">981,044</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(476,286</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid">Total operating expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,316,047</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">969,365</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,285,412</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">22,214,747</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">969,365</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23,184,112</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0">Operating income (loss)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,327,332</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(969,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,296,697</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,507,854</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(969,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(11,477,219</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0">Interest income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">498,856</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">498,856</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,096,527</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,096,527</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0">Interest and financing expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(232,078</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(232,078</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(446,398</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(446,398</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid">Other income (Expenses)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,635</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,635</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">132,713</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">132,713</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0">Income (loss)&nbsp;&nbsp;before income taxes and non-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0">controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,045,919</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(969,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,015,284</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,725,012</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(969,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,694,377</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid">Income tax recovery (expenses)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">797,462</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">797,462</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">800,364</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">800,364</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0">Consolidated net income (loss)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,248,457</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(969,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,217,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,924,648</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(969,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,894,013</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid">Less: income (loss) attributable to non-controlling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(326,828</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(260,856</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(587,684</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,389,964</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(260,856</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,650,820</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid">Net income (loss) attributable to stockholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(921,629</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(708,509</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,630,138</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,534,684</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(708,509</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,243,193</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0">Net income (loss)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,248,457</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(969,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,217,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,924,648</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(969,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,894,013</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; color: Black; padding-left: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0">Other comprehensive income (loss)</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid">Foreign currency translation adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(474,801</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,067</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(469,734</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">171,982</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,067</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">177,049</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0">Total comprehensive income (loss)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,723,258</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(964,298</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,687,556</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,752,666</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(964,298</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,716,964</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 3px double">Comprehensive income(loss) attributable to stockholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,349,264</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 3px double">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(704,806</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 3px double">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,054,070</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 3px double">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,399,083</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 3px double">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(704,806</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 3px double">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,103,889</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 3px double">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid">Basic and diluted earnings (loss) per share</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(0.02</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(0.01</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(0.03</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(0.12</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(0.01</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(0.13</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-left: 0">Weighted average number of shares</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0">of common stock outstanding</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 0">- Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,804,498</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,804,498</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,804,498</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,784,801</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,784,801</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,784,801</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 1pt solid">- Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,804,498</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,804,498</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,804,498</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,784,801</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,784,801</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,784,801</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unaudited Three-month and six-month period ended September 30,
2012</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="color: Black">Three
    months ended 'September 30 2012</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="color: Black">Nine
    months ended 'September 30 2012</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Previously
    Reported</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Adjustment</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Corrected
    Report</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Previously
    Reported</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Adjustment</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Corrected
    Report</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 40%; font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">Sales</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">14,287,100</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">14,287,100</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">29,625,199</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">29,625,199</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Cost
    of sales</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">6,770,712</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">6,770,712</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">10,401,918</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">10,401,918</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Gross
    profit</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">7,516,388</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">7,516,388</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">19,223,281</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">19,223,281</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Selling,&nbsp;general&nbsp;and&nbsp;administrative&nbsp;expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">7,844,861</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">7,844,861</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">18,865,676</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">18,865,676</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Research
    and development expenses - net of</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,773,625</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,773,625</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">15,792,500</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">15,792,500</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Depreciation
    of property, plant and equipment and amortization of&nbsp;&nbsp;licenses and permits</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">471,242</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(36,646</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">434,596</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,103,629</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(46,636</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,056,993</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Provision
    for doubtful debts</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">97,067</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">97,067</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">97,067</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">97,067</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Government
    grants recognized in income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(78,053</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(78,053</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(1,535,383</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">979,355</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(556,028</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    operating expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">12,108,742</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(36,646</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">12,072,096</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">34,323,489</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">932,719</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">35,256,208</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Operating
    income (loss)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(4,592,354</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">36,646</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(4,555,708</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(15,100,208</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(932,719</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(16,032,927</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Interest
    income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">464,512</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">464,512</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,561,039</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,561,039</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Interest
    and financing expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">302,846</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">302,846</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(143,552</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(143,552</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Other
    income (Expenses)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(47,283</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(47,283</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">85,430</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">85,430</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Income
    (loss)&nbsp;&nbsp;before income taxes and non- <BR>controlling interests</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(3,872,279</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">36,646</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(3,835,633</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(13,597,291</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(932,719</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(14,530,010</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Income
    tax recovery (expenses)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(5,958</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(5,958</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">794,406</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">794,406</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Consolidated
    net income (loss)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(3,878,237</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">36,646</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(3,841,591</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(12,802,885</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(932,719</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(13,735,604</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Less:
    income (loss) attributable to non-controlling interests</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(849,619</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">9,861</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(839,758</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(3,239,583</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(250,995</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(3,490,578</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Net
    income (loss) attributable to stockholders</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(3,028,618</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">26,785</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(3,001,833</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(9,563,302</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(681,724</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(10,245,026</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Net
    income (loss)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(3,878,237</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">36,646</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(3,841,591</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(12,802,885</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(932,719</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(13,735,604</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Other
    comprehensive income (loss)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Foreign
    currency translation adjustment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">890,063</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(11,880</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">878,183</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,062,045</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(6,813</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,055,232</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Total
    comprehensive income (loss)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(2,988,174</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">24,766</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(2,963,408</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(11,740,840</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(939,532</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(12,680,372</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Less:
    comprehensive income (loss) attributable to non-controlling interests</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(744,732</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">6,664</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(738,068</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(3,098,315</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(252,828</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(3,351,143</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 3px double"><FONT STYLE="color: Black">Comprehensive
    income(loss) attributable to stockholders</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(2,243,442</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">18,102</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(2,225,340</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(8,642,525</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(686,704</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(9,329,229</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;Basic
    and diluted earnings (loss) per share</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(0.06</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">0.01</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(0.05</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(0.17</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(0.02</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(0.19</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">Weighted
    average number of shares</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">of
    common stock outstanding</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">- Basic</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">55,023,070</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">55,023,070</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">55,023,070</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">54,881,874</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">54,881,874</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">54,881,874</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">-
    Diluted</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">55,023,070</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">55,023,070</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">55,023,070</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">54,881,874</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">54,881,874</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">54,881,874</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Unaudited Consolidated Balance Sheet:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="color: Black">June
    30 2012</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="color: Black">September
    30 2012</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Previously
    Reported</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Adjustment</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Corrected
    Report</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Previously
    Reported</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Adjustment</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Corrected
    Report</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">ASSETS</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">Current
    assets</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Cash
    and cash equivalents</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">89,440,373</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">89,440,373</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">81,962,420</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">81,962,420</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Accounts
    receivable &ndash; net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">18,533,886</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">18,533,886</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">25,316,304</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">25,316,304</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Inventories</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">14,226,557</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">14,226,557</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">14,099,902</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">14,099,902</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;&nbsp;Prepaid
    expenses and deposits</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,408,762</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,408,762</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">905,437</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">905,437</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    current assets</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">123,609,578</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">123,609,578</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">122,284,063</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">122,284,063</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Property,
    plant and equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">80,961,440</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">80,961,440</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">82,994,261</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">82,994,261</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: justify; padding-left: 0"><FONT STYLE="color: Black">Long-term
    inventories</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,974,552</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,974,552</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,227,196</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,227,196</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: justify; padding-left: 0"><FONT STYLE="color: Black">Long-term
    prepaid expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">343,374</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">343,374</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">311,079</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">311,079</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Prepayments
    for acquisition of equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">452,144</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">452,144</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">525,972</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">525,972</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Deferred
    tax assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">353,903</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">353,903</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">351,627</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">351,627</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Licenses
    and permits</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,278,421</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,278,421</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,261,820</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,261,820</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 3px double"><FONT STYLE="color: Black">Total
    assets</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">210,973,412</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">210,973,412</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">209,956,018</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">209,956,018</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">LIABILITIES
    AND EQUITY</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Current
    liabilities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Loans
    payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,722,178</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,722,178</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,773,422</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,773,422</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Accounts
    payable and accrued liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">28,698,963</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">28,698,963</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">27,529,207</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">27,529,207</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;Income
    tax payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">234,156</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">234,156</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">236,697</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">236,697</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;Deferred
    revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,794,136</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,794,136</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">8,108,669</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">8,108,669</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Dividends
    payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;&nbsp;Deferred
    government grants</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">100,897</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">345,471</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">446,368</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">101,992</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">349,222</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">451,214</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    current liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">37,550,330</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">345,471</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">37,895,801</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">40,749,987</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">349,222</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">41,099,209</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Deferred
    government grants</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,805,528</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">618,827</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,424,355</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,761,758</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">590,310</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,352,068</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Loans
    payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">23,330,072</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">23,330,072</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">24,670,318</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">24,670,318</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Due
    to related party</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,167,008</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,167,008</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,201,375</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,201,375</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Deferred
    revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">6,925,862</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">6,925,862</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,194,246</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,194,246</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    long term liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">36,228,470</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">618,827</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">36,847,297</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">34,827,697</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">590,310</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">35,418,007</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">73,778,800</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">964,298</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">74,743,098</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">75,577,684</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">939,532</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">76,517,216</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Commitments
    and contingencies</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">EQUITY</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Preferred
    stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Authorized
    50,000,000 shares at par value of</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;$0.001
    each&nbsp;&nbsp;Issued and outstanding: nil</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Common
    stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">55,020</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">55,020</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">55,024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">55,024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Additional
    paid-in capital</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">106,032,906</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">106,032,906</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">106,204,800</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">106,204,800</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Accumulated
    other comprehensive income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">10,113,926</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">5,067</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">10,118,993</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">10,899,102</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-6,813</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">10,892,289</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Statutory
    surplus reserves</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">11,808,271</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">11,808,271</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">11,808,271</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">11,808,271</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Retained
    earnings(accumulated deficit)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(3,838,457</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(708,509</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(4,546,966</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(6,867,075</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(681,724</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(7,548,799</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Total
    stockholders' equity</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">124,171,666</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(703,442</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">123,468,224</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">122,100,122</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(688,537</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">121,411,585</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Non-controlling
    interests</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">13,022,946</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(260,856</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">12,762,090</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">12,278,212</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(250,995</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">12,027,217</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    equity</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">137,194,612</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(964,298</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">136,230,314</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">134,378,334</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">(939,532</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">133,438,802</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    liabilities and equity</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">210,973,412</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">210,973,412</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">209,956,018</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">209,956,018</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conference Call Details</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will host a conference call on Thursday, April 18,
2013, at 8:00 a.m. EDT (April 18, 2013, at 8:00 p.m. China Standard Time) to review the Company's financial results and provide
an update on recent corporate developments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To access the conference call, please dial 1-877-407-4018 (USA)
or 1-201-689-8471 (International). A replay of the call will be available from 11 a.m. EDT on April 18, 2013 to May 2, 2013 at
midnight. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (International) and reference the replay pin
number 411774.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A live audio webcast of the call will also be available from
the investors section on the corporate web site at www.sinovac.com. A webcast replay can be accessed on the corporate website beginning
April 18, 2013, and the replay will remain available for 30 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Statement Regarding Unaudited Financial Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The unaudited financial information set forth above is subject
to adjustments that may be identified when audit work is performed on the Company&rsquo;s year-end financial statements, which
could result in significant differences from this unaudited financial information. The Company expects to file final audited results
with the SEC shortly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Sinovac</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sinovac Biotech Ltd. is a China-based biopharmaceutical company
that focuses on the research, development, manufacturing and commercialization of vaccines that protect against human infectious
diseases including hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu) and mumps,
as well as animal rabies vaccine for canines. The Company recently concluded the phase III clinical trial for enterovirus 71 (against
hand, foot and mouth disease). In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine,
Panflu.1, and has manufactured it for the Chinese Central Government, pursuant to the government-stockpiling program. The Company
is also the only supplier of the H5N1 pandemic influenza vaccine to the government-stockpiling program. Sinovac is developing a
number of new pipeline vaccines including vaccines for pneumococcal polysaccharides, pneumococcal conjugate, varicella and rubella.
Sinovac sells its vaccines mainly in China and exports selected vaccines to Mongolia, Nepal, and the Philippines. Sinovac was also
granted a license to commercialize seasonal flu vaccine in Mexico.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Safe Harbor Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This announcement contains forward-looking statements. These
statements are made under the &quot;safe harbor&quot; provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by words or phrases such as &quot;will,&quot; &quot;expects,&quot; &quot;anticipates,&quot;
&quot;future,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;believes,&quot; &quot;estimates&quot; and similar statements.
Among other things, the business outlook and quotations from management in this press release contain forward-looking statements.
Statements that are not historical facts, including statements about Sinovac's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to
differ materially from those contained in any forward-looking statement. Sinovac does not undertake any obligation to update any
forward-looking statement, except as required under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Helen Yang</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sinovac Biotech Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +86-10-8279-9871</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax: +86-10-6296-6910</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: ir@sinovac.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephanie Carrington</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Ruth Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +1-646-536-7017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: scarrington@theruthgroup.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Media:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aaron Estrada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Ruth Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +1-646-536-7028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: vaguiar@theruthgroup.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">SINOVAC
    BIOTECH LTD.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">Incorporated
    in Antigua and Barbuda</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">Consolidated
    Statements of Income (Loss) and Comprehensive Income (Loss)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">Years ended
    December 31, 2012 and 2011</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; padding-left: 0"><FONT STYLE="color: Black">(Unaudited)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Three
    months ended</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Twelve
    months ended</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; padding-left: 0"><FONT STYLE="color: Black">(Expressed
    in U.S. Dollars)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">31-Dec</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">31-Dec</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2012</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2012</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 52%; font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; padding-left: 0"><FONT STYLE="color: Black">Sales</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 7%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">18,951,501</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 7%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">21,143,404</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 7%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">48,576,700</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 7%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">56,841,892</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Cost
    of sales-(exclusive of depreciation of land use right and amortization of licenses and&nbsp; permits of $126,998 (2011- $33,507)
    for three&nbsp; months and $234,768&nbsp; (2011 -$290,526) for twelve months.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">8,698,009</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">8,031,758</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">19,099,927</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">21,127,410</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Gross
    profit</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">10,253,492</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">13,111,646</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">29,476,773</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">35,714,482</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Selling,
    general and administrative expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">12,819,508</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">5,909,584</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">31,685,185</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">22,372,095</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Provision
    for (recovery of) doubtful accounts</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-971,287</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-1,661,581</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-874,220</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-166,865</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Research
    and development expenses - net of $Nil (2011-$470,827) in government research grants for three months and $125,222 (2010-$686,258)
    for twelve months.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,251,065</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,261,688</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">17,043,565</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">9,006,550</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Depreciation
    of property, plant and equipment&nbsp; and amortization of&nbsp; licenses and permits</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">539,672</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">365,391</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,594,976</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,436,944</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Loss
    of disposal and impairment of property, plant and equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,190,504</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">259,464</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,190,504</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">454,973</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Government
    grant recognised as income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">181,486</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-556,169</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-372,853</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-763,677</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    operating expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">16,010,948</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">6,578,377</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">51,267,157</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">32,340,020</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Operating
    income (loss)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-5,757,456</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">6,533,269</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-21,790,384</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,374,462</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Interest
    and financing expenses &ndash;net of $485,317 (2010-$nil) in government grants for three months and $595,883 (2010-$147,520)
    for twelve months.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-630,824</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">61,756</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-774,376</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-384,560</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Interest
    income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">449,745</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">555,375</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,010,784</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,397,141</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Other
    income (expenses)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-162,627</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">122,452</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-77,197</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">279,866</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Loss
    on disposal and write down of equipment</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Income
    (loss)&nbsp; before income taxes and non-controlling interests</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-6,101,162</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">7,272,852</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-20,631,173</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,666,909</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Income
    tax recovery (expenses)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">89,491</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-3,009,880</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">883,897</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-5,066,603</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Consolidated
    net income (loss)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-6,011,671</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,262,972</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-19,747,276</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-399,694</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Less:
    income (loss) attributable to non-controlling interests</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-577,578</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,494,118</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-4,068,156</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">445,002</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Net
    income (loss) attributable to stockholders</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-5,434,093</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,768,854</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-15,679,120</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-844,696</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Net
    income (loss)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-6,011,671</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,262,972</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-19,747,276</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-399,694</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Other
    comprehensive income</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Foreign
    currency translation adjustment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">960,352</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">789,653</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,015,584</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,639,992</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Total
    comprehensive income (loss)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-5,051,319</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">5,052,625</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-17,731,692</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,240,298</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Less:
    comprehensive income (loss) attributable to non-controlling interests</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-488,125</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,595,969</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-3,839,268</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">973,562</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 3px double"><FONT STYLE="color: Black">Comprehensive
    income (loss) attributable to stockholders</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-4,563,194</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,456,656</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-13,892,424</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,266,736</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">Earnings
    (loss) per share&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ndash; basic</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-0.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">0.05</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-0.29</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-0.02</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &ndash; diluted</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-0.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">0.05</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-0.29</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-0.02</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">Weighted
    average number of shares of common stock outstanding</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    &ndash; Basic</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">55,037,264</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">54,766,428</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">54,926,440</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">54,608,919</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&ndash;
    Diluted</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">55,037,264</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">54,946,194</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">54,926,440</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">54,608,919</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>



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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">SINOVAC BIOTECH LTD.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">Incorporated in Antigua and
    Barbuda</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">Consolidated Balance Sheets</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">December 31, 2012 and 2011</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">(Unaudited)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">(Expressed in U.S. Dollars)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">December
    31, <BR>2012</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">December
    31,&nbsp; <BR>2011</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">ASSETS</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">Current assets</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Cash
    and cash equivalents</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">90,881,970</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">104,286,695</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Accounts
    receivable &ndash; net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">23,440,135</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">17,834,407</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Inventories</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">10,529,476</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">8,113,428</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;&nbsp;Prepaid
    expenses and deposits</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,072,076</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,804,555</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    current assets</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">125,923,657</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">132,039,085</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Property,
    plant and equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">80,083,383</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">75,627,881</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: justify; padding-left: 0"><FONT STYLE="color: Black">Long-term
    inventories</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">28,692</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">5,248,237</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: justify; padding-left: 0"><FONT STYLE="color: Black">Long-term
    prepaid expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">289,766</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">408,656</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Prepayments
    for acquisition of equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">483,278</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">828,902</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Deferred
    tax assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">445,589</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">419,114</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Licenses
    and permits</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,149,914</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,336,254</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 3px double"><FONT STYLE="color: Black">Total
    assets</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">208,404,279</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">215,908,129</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">LIABILITIES
    AND EQUITY</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Current
    liabilities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Loans
    payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,328,590</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,713,498</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Accounts
    payable and accrued liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">25,425,498</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">29,522,495</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Income
    tax payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">238,775</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,351,127</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Deferred
    revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">11,972,155</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">429,416</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Dividends
    payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">795,106</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;&nbsp;Deferred
    government grants</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">431,097</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">719,081</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    current liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">41,396,115</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">39,530,723</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Deferred
    government grants</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,068,602</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,388,913</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Loans
    payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">31,181,235</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">17,321,327</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Due
    to related party</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,230,125</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Deferred
    revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">99,517</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">10,369,695</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    long term liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">38,579,479</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">31,079,935</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">79,975,594</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">70,610,658</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Commitments
    and contingencies</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">EQUITY</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Preferred
    stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Authorized
    50,000,000 shares at par value of $0.001 each</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Issued
    and outstanding: nil</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Common
    stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">55,092</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">54,774</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Authorized:
    100,000,000 shares at par value of $0.001 each</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;Issued
    and outstanding:&nbsp;&nbsp;55,091,561 (2011 &ndash; 54,773,961)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Additional
    paid-in capital</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">106,245,934</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">105,383,346</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Accumulated
    other comprehensive income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">11,765,021</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">9,978,325</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Statutory
    surplus reserves</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">11,808,271</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">11,808,271</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Retained
    earnings (accumulated deficit)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-12,982,893</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,696,227</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Total
    stockholders' equity</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">116,891,425</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">129,920,943</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Non-controlling
    interests</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">11,537,260</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">15,376,528</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    equity</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">128,428,685</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">145,297,471</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Total
    liabilities and equity</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">208,404,279</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">215,908,129</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>



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<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">SINOVAC
    BIOTECH LTD.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">Incorporated
    in Antigua and Barbuda</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">Consolidated
    Statements of Cash Flows</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">Years ended December
    31, 2012 and 2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">(Unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">(Expressed
    in U.S. Dollars)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center"><FONT STYLE="color: Black">Three
    months ended</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center"><FONT STYLE="color: Black">Twelve
    months ended</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">31-Dec</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">31-Dec</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2012</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2012</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">2011</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #666666; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">Cash flows from (used
    in) operating activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;Net
    income (loss)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-6,011,671</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,262,972</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-19,747,276</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-399,694</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;Adjustments
    to reconcile net income to net cash</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;provided
    by operating activities:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    deferred income taxes</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-89,491</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">788,472</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-17,204</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,845,195</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    stock-based compensation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-40,878</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">41,909</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">347,226</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">206,301</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    inventory provision</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,113,825</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,735,822</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,479,453</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,034,169</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    Provision for (recovery of)&nbsp; doubtful accounts</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-971,287</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-1,661,581</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-874,220</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-166,865</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;Loss
    of disposal and impairment of property,&nbsp; plant&nbsp; and equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,184,576</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">259,464</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,190,504</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">454,973</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;-
    research and development expenditures qualified forgovernment grant</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-46,242</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-470,827</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-125,222</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-686,258</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    depreciation of property, plant and equipment</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;and
    amortization of licenses and permits</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">814,252</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,213,428</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,487,411</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,825,613</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    deferred government grant recognized in income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">109,340</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-225,035</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-358,230</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-432,543</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;accretion
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">49,608</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">86,780</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">234,957</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">377,410</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Changes
    in:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    accounts receivable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,016,814</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">6,014,109</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-4,285,669</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">5,474,602</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    inventories</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,715,070</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-108,988</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-425,853</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-1,915,078</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    income tax payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-4,841</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,863,729</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-3,129,693</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,339,812</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    prepaid expenses and deposits</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-135,558</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-107,276</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">913,084</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-530,715</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    deferred revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-330,322.00</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-1,190,534</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,026,283</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-2,695,943</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;-
    accounts payable and accrued liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,451,254</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,075,574</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-328,062</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,204,647</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Net
    cash (used in)&nbsp;provided by operating activities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">7,824,449</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">16,578,018</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-16,612,511</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">13,935,626</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Cash
    flows from financing activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">-
    Loan proceeds</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">9,489,001</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">7,399,314</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">16,787,057</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">11,391,836</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">-
    Loan repayment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-4,755,262</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-9,275,502</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-4,755,262</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-10,658,840</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">&nbsp;&nbsp;net
    of share issuance costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">108,960</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">6,400</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">508,160</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">748,800</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">-
    Proceeds from shares subscribed</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-26,880.00</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">7,520</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,360</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">-
    Dividends paid to non-controlling shareholder</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">of Sinovac
    Beijing</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-2775</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-802,151</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-5,862,676</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">-
    Government grants received</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,154,186.00</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,585,289</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,394,766</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,592,925</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">-
    Repayment from (loan to) non-controlling shareholder of&nbsp; Sinovac&nbsp; Beijing</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">11666</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,397,522</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Repayment
    from (loan to) non-controlling shareholder of&nbsp; Sinovac&nbsp; Dalian</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,189,830</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Net
    cash provided by financing activities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">6,978,896</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-284,499</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">17,329,920</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">612,927</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Cash
    flows used in investing activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    Restricted cash</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    Proceeds from disposal of equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">5,375</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">4,797</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">5,375</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">122,089</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">-
    Proceeds from redemption of short-term investments</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,544,759</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-left: 0"><FONT STYLE="color: Black">- Purchase
    of short-term investments</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">&nbsp;-
    Prepayments for acquisition of equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">254,966</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-467,183</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">254,966</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-467,183</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;-
    Acquisition of property, plant and equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-5,469,802</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-6,346,012</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-16,411,576</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-14,989,876</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Net
    cash provided&nbsp;(used) in investing activities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-5,209,461</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-6,808,398</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-16,151,235</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-13,790,211</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Exchange
    gain on cash and cash equivalents</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">674,334</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">602,319</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,029,101</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">1,942,863</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Increase
    in cash and&nbsp;cash equivalents</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">8,919,550</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">10,087,440</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">-13,404,725</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,701,205</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 1pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Cash
    and cash&nbsp;equivalents, beginning&nbsp;of period</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">81,962,420</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">94,199,255</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">104,286,695</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">101,585,490</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 3px double"><FONT STYLE="color: Black">Cash
    and cash equivalents, end of&nbsp; period</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">90,881,970</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">104,286,695</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">90,881,970</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">104,286,695</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Supplemental&nbsp;disclosure of cash flow information:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Cash
    paid for interest,net of amounts capitalized</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">256,256</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">242,504</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">749,500</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">455,851</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 3px double"><FONT STYLE="color: Black">Cash
    paid for income taxes</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">0</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">167,883</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">2,264,593</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">881,596</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 3px double"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-left: 0"><FONT STYLE="color: Black">Supplemental
    schedule of non-cash activities:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; padding-bottom: 2.5pt; padding-left: 0; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Acquisition
    of property, plant and equipment included in accounts payable and accrued liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,788,804</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">9,124,751</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">3,788,004</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #666666; padding-bottom: 2.5pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left"><FONT STYLE="color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: right"><FONT STYLE="color: Black">9,124,751</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #666666; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
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