<SEC-DOCUMENT>0001062993-14-006454.txt : 20141112
<SEC-HEADER>0001062993-14-006454.hdr.sgml : 20141111
<ACCEPTANCE-DATETIME>20141112090506
ACCESSION NUMBER:		0001062993-14-006454
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20141112
DATE AS OF CHANGE:		20141112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGHTBRIDGE Corp
		CENTRAL INDEX KEY:			0001084554
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
		IRS NUMBER:				911975651
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-187659
		FILM NUMBER:		141211537

	BUSINESS ADDRESS:	
		STREET 1:		1600 TYSONS BOULEVARD
		STREET 2:		SUITE 550
		CITY:			MCLEAN,
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		703.918.4904

	MAIL ADDRESS:	
		STREET 1:		1600 TYSONS BOULEVARD
		STREET 2:		SUITE 550
		CITY:			MCLEAN,
		STATE:			VA
		ZIP:			22102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Thorium Power, Ltd
		DATE OF NAME CHANGE:	20061011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVASTAR RESOURCES LTD.
		DATE OF NAME CHANGE:	20051011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVASTAR RESOURCES LTD
		DATE OF NAME CHANGE:	20050829
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>form424b5.htm
<DESCRIPTION>FORM 424B5
<TEXT>
<HTML>
<HEAD>
   <TITLE>Lightbridge Corp.: Form 424B2 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>PROSPECTUS SUPPLEMENT </B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>(To Prospectus dated May 1, 2013)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=right><B>Filed pursuant to Rule 424(b)(5)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=right><B>No. 333-187659</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>2,878,516 Shares of Common Stock</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>Warrants to Purchase up to 2,734,590 Shares of Common
      Stock</B> </TD></TR>
  <TR>
    <TD></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><IMG border=0
src="logo.jpg" width="338" height="79"></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center><B>Lightbridge Corporation</B> </TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement and
the accompanying prospectus relate to the offering of 2,878,516 shares of our
common stock, par value $0.001 per share, and warrants to purchase up to
2,734,590 shares of common stock at an exercise price of $2.31 per share. The
securities will be sold in multiples of a fixed combination consisting of one
share of common stock and a warrant to purchase 0.95 shares of common stock.
Each fixed combination will be sold at a price of $1.75 per fixed combination.
The warrants will be exercisable  after the date that is six months and one
day after the date the warrants are issued and will expire ninety (90) months
following the date the warrants are issued. In this prospectus supplement, we
refer to the shares and warrants collectively as the &#147;securities.&#148; The shares of
common stock and warrants will be issued separately. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is listed on the
NASDAQ Capital Market under the symbol &#147;LTBR.&#148; On November 11, 2014, the last
reported per share sale price of our common stock was $2.34. We do not intend to
apply for listing of the warrants on any national securities exchange or for
inclusion of the warrants in any automated quotation system. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have retained William Blair
&amp; Company, L.L.C. to act as our exclusive placement agent in connection with this
offering. See &#147;Plan of Distribution&#148; beginning on page S-28 of this prospectus
supplement for more information regarding these arrangements. You should
carefully consider the risk factors beginning on page S-10 of this prospectus
supplement and set forth in the documents incorporated by reference herein
before making any decision to invest in our common stock. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to General Instruction
I.B.6 of Form S-3, the aggregate market value of the voting and non-voting
common equity held by non-affiliates, computed by reference to the price at
which the common equity was last sold or the average bid and asked price of such
common equity on September 19, 2014, was approximately $35,539,605, based on
15,204,358 shares of outstanding common stock, of which 14,272,934 were held by
non-affiliates. We have not offered any securities pursuant to General
Instruction I.B.6 of Form S-3 during the 12 calendar months prior to and
including the date of this prospectus supplement. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing in our common stock and
warrants involves a high degree of risk. See the &#147;Risk Factors&#148; section
beginning on page S-10 of this prospectus supplement. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and
Exchange Commission nor any state securities commission has approved or
disapproved of these securities or determined if this prospectus or any
prospectus supplement is truthful or complete. Any representation to the
contrary is a criminal offense. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>Per Fixed
      Combination</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>Total</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Public offering price </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>1.75 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>5,037,403 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Placement agent fee </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="12%">0.1225 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="12%">352,618 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Proceeds, before expenses, to
      us </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>1.6275 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>4,684,785 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>______________________________________</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William Blair &amp; Company,
L.L.C. is acting as the exclusive placement agent in connection with this
offering. The placement agent is not purchasing or selling any of the securities
pursuant to this prospectus supplement or the accompanying prospectus. We
estimate the total expenses of this offering, excluding the placement agent fee,
will be approximately $280,000. Because there is no minimum offering amount
required as a condition to closing in this offering, the actual public offering
amount, placement agent fee and net proceeds to us, if any, in this offering are
not presently determinable and may be substantially less than the total maximum
offering amounts set forth above. We are not required to sell any specific
number or dollar amount of the securities offered in this offering, but the
placement agent will use its best efforts to sell the securities offered. It is
anticipated that the shares of common stock and the warrants will be delivered
against payment thereon on or before November 17, 2014. </P>
<P align=center><B>______________________________________ </B></P>
<P align=center><B>William Blair</B> </P>
<P align=center>The date of this prospectus supplement is November 12, 2014</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><B>TABLE OF CONTENTS </B></P>
<P align=center><B>Prospectus Supplement </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="15%">Page</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="15%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_4">ABOUT
      THIS PROSPECTUS SUPPLEMENT </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_4">S-1</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_4">FORWARD-LOOKING
      STATEMENTS </A></TD>
    <TD align=right width="15%"><A
      href="#page_4">S-1</A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_6">PROSPECTUS
      SUMMARY </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_6">S-3</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_11">THE
      OFFERING </A></TD>
    <TD align=right width="15%"><A
      href="#page_11">S-9</A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_12">RISK
      FACTORS </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_12">S-10</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_23">USE
      OF PROCEEDS </A></TD>
    <TD align=right width="15%"><A
      href="#page_23">S-21</A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_24">DILUTION
      </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_24">S-22</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_25">PRICE
      RANGE OF COMMON STOCK </A></TD>
    <TD align=right width="15%"><A
      href="#page_25">S-23</A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_26">DIVIDEND
      POLICY </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_26">S-24</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_27">CAPITALIZATION
      </A></TD>
    <TD align=right width="15%"><A
      href="#page_27">S-25</A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_28">DESCRIPTION
      OF SECURITIES WE ARE OFFERING </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_28">S-26</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_30">PLAN
      OF DISTRIBUTION </A></TD>
    <TD align=right width="15%"><A
      href="#page_30">S-28</A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_33">MATERIAL
      U.S. FEDERAL INCOME TAX CONSEQUENCES </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_33">S-31</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_43">LEGAL
      MATTERS </A></TD>
    <TD align=right width="15%"><A
      href="#page_43">S-41</A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_43">EXPERTS
      </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_43">S-41</A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_43">INCORPORATION
      OF CERTAIN INFORMATION BY REFERENCE </A></TD>
    <TD align=right width="15%"><A
      href="#page_S-40">S-41</A></TD></TR></TABLE>
<P align=center><B>Prospectus </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>ABOUT THIS PROSPECTUS </TD>
    <TD align=right width="15%" bgColor=#eeeeee>1</TD></TR>
  <TR vAlign=top>
    <TD align=left>USE OF TERMS </TD>
    <TD align=right width="15%">1</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>LIGHTBRIDGE CORPORATION </TD>
    <TD align=right width="15%" bgColor=#eeeeee>1</TD></TR>
  <TR vAlign=top>
    <TD align=left>RISK FACTORS </TD>
    <TD align=right width="15%">2</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>FORWARD-LOOKING STATEMENTS </TD>
    <TD align=right width="15%" bgColor=#eeeeee>2</TD></TR>
  <TR vAlign=top>
    <TD align=left>USE OF PROCEEDS </TD>
    <TD align=right width="15%">3</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>DESCRIPTION OF CAPITAL STOCK </TD>
    <TD align=right width="15%" bgColor=#eeeeee>3</TD></TR>
  <TR vAlign=top>
    <TD align=left>DESCRIPTION OF WARRANTS </TD>
    <TD align=right width="15%">5</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>DESCRIPTION OF DEBT SECURITIES </TD>
    <TD align=right width="15%" bgColor=#eeeeee>7</TD></TR>
  <TR vAlign=top>
    <TD align=left>DESCRIPTION OF UNITS </TD>
    <TD align=right width="15%">15</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>PLAN OF DISTRIBUTION </TD>
    <TD align=right width="15%" bgColor=#eeeeee>15</TD></TR>
  <TR vAlign=top>
    <TD align=left>LEGAL MATTERS </TD>
    <TD align=right width="15%">16</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>EXPERTS </TD>
    <TD align=right width="15%" bgColor=#eeeeee>17</TD></TR>
  <TR vAlign=top>
    <TD align=left>WHERE YOU CAN FIND ADDITIONAL INFORMATION </TD>
    <TD align=right width="15%">17</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>INCORPORATION OF CERTAIN INFORMATION BY
      REFERENCE </TD>
    <TD align=right width="15%" bgColor=#eeeeee>17</TD></TR></TABLE>
<P align=justify><B>This prospectus supplement and the accompanying prospectus,
dated May 1, 2013, are part of a registration statement on Form S-3 (File No.
333-187659) that we filed with the Securities and Exchange Commission using a
&#147;shelf&#148; registration process. Under this &#147;shelf&#148; registration process, we may from time to time sell any combination of
securities described in the accompanying prospectus in one or more offerings. In
this prospectus supplement, we provide you with specific information about the
terms of this offering.</B></P>
<P
align=justify>&nbsp;</P>
<P align=center>i </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B>As permitted under the rules of the SEC, this prospectus
incorporates by reference important information about us that is contained in
documents that we file with the SEC, but that are not attached to or delivered
with this prospectus. You may obtain copies of these documents, without charge,
from the website maintained by the SEC at www.sec.gov, as well as other sources.
See &#147;Incorporation of Certain Information by Reference&#148; for further
information.</B> </P>
<P align=center>ii </P>
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<P align=center><B>ABOUT THIS PROSPECTUS SUPPLEMENT </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This document comprises two
parts. The first part is this prospectus supplement, which describes the
specific terms of this offering of common stock and warrants and also adds to
and updates information contained in the accompanying prospectus and the
documents incorporated by reference into the prospectus. The second part, the
accompanying prospectus, gives more general information, some of which may not
apply to this offering. If the description of the offering or the specific terms
of the securities offered varies between this prospectus supplement and the
accompanying prospectus, you should rely on the information contained in this
prospectus supplement. However, if any statement in one of these documents is
inconsistent with a statement in another document having a later date &#151; for
example, a document incorporated by reference in the accompanying prospectus &#151;
the statement in the document having the later date modifies or supersedes the
earlier statement.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should rely only on the
information contained in or incorporated by reference into this prospectus
supplement and the accompanying prospectus to which it relates and any free
writing prospectus that we may authorize to be provided to you. No dealer,
salesperson or other person is authorized to give any information or to
represent anything not contained in this prospectus. You must not rely on any
unauthorized information or representations. The information contained in this
prospectus supplement and contained, or incorporated by reference, in the
accompanying prospectus is accurate only as of the respective dates thereof,
regardless of the time of delivery of this prospectus supplement and the
accompanying prospectus or of any sale of securities hereunder. This prospectus
is an offer to sell only the shares and warrants offered hereby, but only under
circumstances and in jurisdictions where it is lawful to do so.</P>
<P align=center><B>FORWARD-LOOKING STATEMENTS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement, the
accompanying prospectus, any applicable free writing prospectus, and the
documents that we have filed with the SEC that are included or incorporated by
reference in this prospectus supplement and the accompanying prospectus contain
&#147;forward-looking statements&#148; within the meaning of such term in Section 27A of
the Securities Act of 1933, as amended, or the Securities Act, and Section 21E
of the Securities Exchange Act of 1934, as amended, or the Exchange Act. In
addition, other written or oral statements that constitute forward-looking
statements are based on current expectations, estimates and projections about
the industry and markets in which we operate and statements may be made by or on
our behalf. Words such as &#147;should,&#148; &#147;could,&#148; &#147;may,&#148; &#147;expect,&#148; &#147;anticipate,&#148;
&#147;intend,&#148; &#147;plan,&#148; &#147;believe,&#148; &#147;seek,&#148; &#147;estimate,&#148; variations of such words and
similar expressions are intended to identify such forward-looking statements.
These statements are not guarantees of future performance and involve certain
risks, uncertainties and assumptions that are difficult to predict. There are a
number of important factors that could cause our actual results to differ
materially from those indicated by such forward-looking statements.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We describe material risks,
uncertainties and assumptions that could affect our business, including our
financial condition and results of operations, under &#147;Risk Factors&#148; in this
prospectus supplement and the accompanying prospectus and may update our
descriptions of such risks, uncertainties and assumptions in any prospectus
supplement or in any report incorporated by reference in this prospectus
supplement and the accompanying prospectus. Such risks and uncertainties, among
others, include: </P>
<P align=center>S-1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">our ability to attract new customers; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">our ability to employ and retain qualified
      employees and consultants that have experience in the Nuclear Industry;
  </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">competition and competitive factors in the
      markets in which we compete; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>general economic and business conditions in the local
      economies in which we regularly conduct business, which can affect demand
      for the Company&#146;s services; </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">changes in laws, rules and regulations
      governing our business; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">development and utilization of our intellectual
      property, potential and contingent liabilities; and </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">the risks identified in &#147;Risk Factors&#148; included
      herein. </TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We base our forward-looking
statements on our management&#146;s beliefs and assumptions based on information
available to our management at the time the statements are made. We caution you
that actual outcomes and results may differ materially from what is expressed,
implied or forecast by our forward-looking statements. Accordingly, you should
be careful about relying on any forward-looking statements. Reference is made in
particular to forward-looking statements regarding growth strategies, financial
results, product and service development, competitive strengths, intellectual
property rights, future market acceptance of our products, financing activities,
ongoing contractual obligations and business development and marketing and sales
efforts. Except as required under the federal securities laws and the rules and
regulations of the SEC, we do not have any intention or obligation to update
publicly any forward-looking statements after the distribution of this
prospectus, whether as a result of new information, future events, changes in
assumptions, or otherwise. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional disclosures regarding
factors that could cause our results and performance to differ from historical
or anticipated results or performance are discussed in this prospectus
supplement, the accompanying prospectus, any applicable free writing prospectus,
or in the reports incorporated by reference into this prospectus supplement and
accompanying prospectus. You are urged to carefully review and consider the
various disclosures made by us in those documents before making any investment
decision. The forward-looking statements speak only as of the date made and we
disclaim any obligation to provide updates, revisions or amendments to any
forward-looking statements to reflect changes in our expectations or future
events. </P>
<P align=center>S-2 </P>
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<P align=center><B>PROSPECTUS SUMMARY </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This summary highlights
information about us and the offering contained elsewhere in, or incorporated by
reference into, this prospectus supplement and the accompanying prospectus. It
is not complete and may not contain all the information that may be important to
you. You should carefully read the entire prospectus supplement, the
accompanying prospectus, any applicable free writing prospectus, as well as the
information incorporated by reference, before making an investment decision,
especially the information presented under the heading &#147;Risk Factors&#148; beginning
on page S-10 of this prospectus supplement, &#147;Management&#146;s Discussion and Analysis
of Financial Condition and Results of Operations&#148; in our most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q for the quarterly period
ended June 30, 2014, and our consolidated financial statements which are
incorporated by reference.</I> </P>
<P align=justify><B><I>Overview</I></B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a leading nuclear fuel
technology company, and participate in the nuclear power industry in the U.S.
and internationally. Our business operations can be categorized into two
segments: (i) nuclear fuel technology business segment - we are a developer of
next generation nuclear fuel technology that has the potential to significantly
increase the power output of commercial reactors, reducing the cost of
generating nuclear energy and the amount of nuclear waste on a per-megawatt-hour
basis and enhancing proliferation resistance of spent fuel, and (ii) nuclear
consulting business segment - we are a provider of nuclear power consulting and
strategic advisory services to commercial and governmental entities worldwide.
</P>
<P align=justify><B>Our Nuclear Fuel Technology Business Segment</B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are developing innovative,
proprietary nuclear fuel designs that can significantly enhance the nuclear
power industry&#146;s economics and increase power output by: (1) extending the fuel
cycle length from 18 to 24 months while simultaneously providing an increase in
power output of up to 10% in existing pressurized water reactors (including
Westinghouse 4-loop reactors, which are currently limited to an 18-month
operating cycle); alternatively, the power can be increased up to 17% while
retaining an 18-month operating cycle; (2) enabling increased reactor power
output (up to 30% increase) without changing the core size in new build
pressurized water reactors (PWRs); and (3) reducing the volume of used fuel per
kilowatt-hour as well as enhancing proliferation resistance of spent fuel. In
addition, as a result of the significantly lower temperature during operation,
our metallic nuclear fuel rods are expected to have improved safety margins
during anticipated off-normal events. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Nuclear Regulatory Commission processes require
engineering analysis of a large break loss-of-coolant accident (LOCA). The
scenario assumes failure of a large water pipe in the reactor coolant system.
Under LOCA conditions, the fuel and cladding temperatures rise due to reduced
cooling capacity. Preliminary analytical modeling shows that under a LOCA
scenario, unlike conventional uranium dioxide fuel, the cladding of the
Lightbridge-designed metallic fuel rods would stay at&nbsp; least 200 degrees
below the 850-900 degrees Celsius temperature at which steam begins to react
with the zirconium cladding generating hydrogen gas. Buildup of hydrogen gas in
a nuclear power plant can lead to a detonation. Lightbridge fuel is designed to
prevent hydrogen gas generation in LOCA situations.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For uprates up to 10%, only
relatively minor reactor system modifications would be required. Accordingly, we
believe that nuclear utilities with existing reactor fleets may find it
economically attractive to initially start with a 10% power uprate fuel variant
and switch to a 17% power uprate fuel variant at the time when steam generators
and other expensive plant equipment reach their lifetime limit and have to be
replaced. In that case, nuclear utilities would only have to incur the
incremental capital cost above and beyond the cost of standard plant equipment
being replaced to accommodate a 17% power uprate in their existing PWR plants.
</P>
<P align=center>S-3 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that a major
opportunity for us is the possibility that our advanced nuclear fuel designs,
which are currently in the research and development stage, will be used in many
existing and new light water nuclear reactors. Light water reactors are the
dominant reactor type currently used in the world, and fuels for such reactors
constitute the majority of the commercial market for nuclear fuel. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In response to specific feedback
from Lightbridge&#146;s Nuclear Utility Fuel Advisory Board comprised of senior fuel
managers from four of the larger U.S. nuclear utilities (Exelon, Duke, Dominion,
and Southern Company), we have enhanced our metallic fuel assembly design for
existing PWRs, eliminating the outer blanket row of oxide fuel rods and making
our entire fuel assembly metallic.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result, nuclear utilities
using our metallic fuel in existing PWRs can realize improved safety, plant
economics, and operating benefits (i.e., power uprate and longer fuel cycle)
without the fuel performance constraints imposed by introducing oxide fuel rods
into an assembly. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to U.S. sanctions already imposed on Russia and the
potential for further political and economic isolation of Russia by the United
States and the European Union over its role in an ongoing conflict in Ukraine,
we have been working on alternative sites outside of Russia to complete the
remaining demonstration work for our metallic nuclear fuel. To-date, our efforts
have been focused on the key critical path items that include fabrication of
partial-length metallic fuel samples and their irradiation to full burnup in a
pressurized water loop of a test reactor under operating conditions close to
prototypic for a full-size commercial reactor. On October 20, 2014, we announced
the signing of an Initial Cooperation Agreement with Canadian Nuclear
Laboratories (CNL), formerly known as AECL &#150; Chalk River Laboratories, in Canada
to perform fabrication and loop irradiation testing of Lightbridge-designed fuel
samples at CNL&#146;s existing facilities at Chalk River, ON, Canada. In October
2013, we entered into a memorandum of understanding with Babcock &amp; Wilcox
Nuclear Energy, Inc. (B&amp;W NE), a subsidiary of The Babcock &amp; Wilcox Company to
explore joint development of a pilot-scale facility for fabrication of lead test
assemblies with Lightbridge's innovative metallic nuclear fuel.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to the Nuclear Energy Institute (NEI), in 2013,
19.4% of U.S. electricity was generated by nuclear power. In addition, NEI
states that nuclear energy accounted for 64.0 percent of U.S. emission-free
generation in 2012. Management believes that the U.S. carbon emission reduction
targets can only be met with plans that include a large increase in nuclear
power. Power uprates and longer fuel cycles at existing nuclear power plants
enabled by adoption of the Lightbridge metallic fuel could support in a
cost-effective way expansion of nuclear generation capacity in the United States
and elsewhere. Lightbridge is designing our nuclear fuel technology to become a
significant driver of increasing non-carbon emitting electricity generation from
existing reactors, in addition to providing even greater electricity output in
new-build reactors.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the second quarter of 2014, the Commonwealth of
Australia Patents Office approved and issued to Lightbridge the key patent
covering Lightbridge's multi-lobed metallic fuel rod design and fuel assemblies.
This is our first foreign patent since the U.S. Office of Patents and Trademarks
issued a U.S. patent for this key invention earlier this year.</P>
<P align=justify><B>Consulting Business Segment</B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are primarily engaged in the
business of assisting commercial and governmental entities with developing and
expanding their nuclear industry capabilities and infrastructure. We provide
integrated strategic advice across a range of expertise areas including, for
example, regulatory development, nuclear reactor site selection, procurement and
deployment, reactor and fuel technology, international relations and regulatory
affairs.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our consulting services are
expert and relationship based, with particular emphasis on key decision makers
in senior positions within governments or companies, as well as focus on overall
management of nuclear energy programs. To date, substantially all of our
revenues are derived from our consulting and strategic advisory services
business segment, which primarily provides nuclear consulting services to
entities within the United Arab Emirates, our first significant consulting and
strategic advisory client. In April 2010 and December 2010, we  provided
consulting services in additional countries, including the member states of the
Gulf Cooperation Council (the GCC, a political and economic union that comprises
the Gulf states of the Kingdom of Bahrain, State of Kuwait, Sultanate of Oman,
State of Qatar, Kingdom of Saudi Arabia and United Arab Emirates) and Kuwait. We
have also provided nuclear safety consulting advice to U.S. nuclear utilities.
</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October 2013, we were selected
as technical advisor to provide independent re-verification of equipment and
material procurement processes related to construction and maintenance of
nuclear power plants operated by Korea Hydro and Nuclear Power Company (KHNP).
As a subcontractor to London-based Lloyd's Register Group Limited, we have
focused on the environmental and seismic qualification and commercial grade
dedication aspects of a two-year Lloyd's Register/KHNP contract. On March 3,
2014, we entered into a subcontractor services agreement with Lloyd&#146;s Register
to provide services to the KHNP. This agreement is for work starting February 1,
2014 through February 1, 2015, and is for a maximum contract price of $400,000,
inclusive of expenses and taxes.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July 24, 2014, a consortium that includes Lightbridge
was awarded a multi-year, technical-support services contract to support an
independent government agency overseeing construction of nuclear power plants.
The scope of contracted services is expected to be determined in the fourth
quarter of 2014.</P>
<P align=center>S-4 </P>
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<P align=justify><B><I>Corporate Structure</I></B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following chart reflects our current corporate
organizational structure: </P>
<P align=center><IMG src="chart.jpg" border=0 width="356" height="279"> </P>
<P align=center>S-5 </P>
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<P align=center><B>Summary Consolidated Financial Information</B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth
our summary consolidated financial data as of and for the years ended December
31, 2013 and 2012, as well as summary consolidated financial data as of and for
the six months ended June 30, 2014 and 2013. The summary consolidated financial
data set forth below has been derived from our audited consolidated financial
statements and related notes thereto where applicable for the respective fiscal
years, which are incorporated by reference in this prospectus supplement and the
related prospectus. The summary consolidated financial data as of and for the
six months ended June 30, 2014 and 2013, were derived from our unaudited
condensed consolidated financial statements and related notes thereto. The
summary consolidated financial data should be read in conjunction with
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#148; as well as our consolidated financial statements and notes thereto
contained in our Annual Report on Form 10-K for the year ended December 31, 2013
and our Quarterly Report on Form 10-Q for the six months ended June 30, 2014
which are incorporated by reference herein. These historical results are not
necessarily indicative of the results to be expected in any subsequent fiscal
quarters or for the year ended December 31, 2013. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="23%" colSpan=4><B><U>Six
      Months Ended June 30,</U></B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="23%" colSpan=4><B><U>Year
      Ended December 31,</U></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap>&nbsp; </TD>
    <TD vAlign=bottom noWrap width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%">&nbsp; </TD>
    <TD vAlign=bottom noWrap width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B><U>2014</U></B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B><U>2013</U></B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B><U>2013</U></B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B><U>2012</U></B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Statements of Income
      Data</B> <B>(in thousands, except per share data):</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Consulting revenue </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;603 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;1,175 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;1,901 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp;3,678 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cost of consulting services provided </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">356 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">650 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,110 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">2,267 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Gross margin </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>247 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>525 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>791 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Operating expenses </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;General and administrative expenses </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,281 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,554 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,617 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,841 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Research and development expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,056 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,259 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">2,028 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">2,065 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total operating expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>3,337 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>2,813 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>5,645 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>5,906 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Operating loss </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(3,090</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(2,288</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(4,854</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(4,495</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Other income and (expenses) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Investment income </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(12</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(8</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>433 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Other income (expenses) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(3</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(3</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">5 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total other income and
      (expenses) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(15</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(11</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>438 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net loss before income taxes </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(3,089</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(2,303</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(4,865</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(4,057</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Income taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net loss </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">(3,089</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">(2,303</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">(4,865</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">(4,057</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net loss per common share,
      basic and diluted </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(0.21</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(0.18</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(0.37</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;(0.32</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Weighted average number of shares
      outstanding&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
      the period used to compute per share data
      -&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(prior
      reporting periods restated to reflect 1
      for&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30
      reverse stock split) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">15,063 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">12,542 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">13,010 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">12,491 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Statements of Cash Flow Data (in
      thousands):</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net cash used in operating activities </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;(2,619</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;(2,005</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;(3,916</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;(5,053</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Net cash provided by
      investing activities </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(65</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>394 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,435 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,682 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Net cash provided by (used in) financing
      activities </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(1</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(1</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">3,956 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE>
<P align=center>S-6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="23%" colSpan=4><B>As of</B>
    </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="23%" colSpan=4><B>As of</B>
    </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="23%" colSpan=4><B>June
      30,</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="23%" colSpan=4><B>December
      31,</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>2014</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>2013</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>2013</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="10%"><B>2012</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Balance Sheet Data (in
      thousands):</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;988 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;586 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;3,673 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="10%">&nbsp;2,198 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Marketable securities </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>17 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,085 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>16 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1,598 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Restricted cash </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">555 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">554 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">555 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">554 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts receivable - project
      revenue and reimbursable project costs </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>408 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>663 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>426 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>602 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Prepaid expenses &amp; other current assets
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">339 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">522 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">289 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">574 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,307 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,410 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,959 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>5,526 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Property plant and equipment &#150; net </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">5 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">17 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total other assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>765 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>674 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>699 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>601 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">3,072 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">4,089 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">5,658 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">6,144 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total liabilities </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>855 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>423 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>477 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>386 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total stockholders&#146; equity </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">2,217 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">3,666 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">5,181 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">5,758 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total liabilities and
      stockholders&#146; equity </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;3,072 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;4,089 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;5,658 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>&nbsp;6,144 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>S-7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=center><B>THE OFFERING </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Common stock offered by us </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="54%">2,878,516 shares </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="54%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Warrants offered by us </TD>
    <TD align=left width="5%"  ></TD>
    <TD align=left width="54%">
      <P align=justify>Warrants to purchase up to 2,734,590 shares of common
      stock, exercisable at $2.31 per share following six months and one day
      after the date of this offering. The warrants will expire ninety (90)
      months after the date of issuance of the warrants. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="54%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >Common stock to be outstanding after this
      offering </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="54%">
      <P align=justify>18,082,874 shares (not including warrant
      shares)<SUP>(1)</SUP> </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="54%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >Use of proceeds </TD>
    <TD align=left width="5%"  ></TD>
    <TD align=left width="54%">
      <P align=justify>We will use the net proceeds we receive from the sale of
      the shares of common stock and warrants offered hereby for research and
      development of our nuclear fuel designs and general working capital
      purposes. See &#147;Use of Proceeds.&#148; </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="54%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >Lock-Up Agreements </TD>
    <TD align=left width="5%"  ></TD>
    <TD align=left width="54%">
      <P align=justify>We and each of our directors and executive officers have
      agreed, subject to certain exceptions, not to sell, transfer or dispose of
      any shares of our common stock for a period of 60 days from the date of
      this prospectus supplement. See &#147;Plan of Distribution.&#148; </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="54%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >NASDAQ Capital Market Symbol </TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="54%">
      <P align=justify>LTBR </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="54%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >Material U.S. Federal Income Tax Consequences
    </TD>
    <TD align=left width="5%"  ></TD>
    <TD align=left width="54%">
      <P align=justify>For a discussion of the material U.S. federal income tax
      consequences of purchasing, owning and disposing of the common stock and
      warrants, please see &#147;Material U.S. Federal Income Tax Consequences.&#148; You
      should consult your tax advisor with respect to the U.S. federal income
      tax consequences of owning the common stock and warrants in light of your
      own particular situation and with respect to any tax consequences arising
      under the laws of any U.S. state, local, or non-U.S. taxing jurisdiction.
      </P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=top width="5%">(1) </TD>
    <TD style="BORDER-TOP: #000000 1px solid">
      <P align=justify>Based on 15,204,358 shares of common stock outstanding
      prior to the closing of this offering as of November 11, 2014 and excludes
      any (1) unexercised options and warrants, (2) convertible securities that
      have not yet been converted, and (3) other securities of the Company that
      are exercisable or exchangeable for, or convertible into, common stock of
      the Company that have not yet been so exercised, exchanged or
      converted.</P></TD></TR></TABLE>
<P align=center>S-8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=center><B>RISK FACTORS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Before you invest in our
common stock, you should carefully consider the risk factors specified below,
those risk factors set forth in the accompanying prospectus, our annual report
on Form 10-K for the year ended December 31, 2013 and our quarterly reports on
Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014, together with
all of the other information and documents included or incorporated by reference
in this prospectus supplement, the accompanying prospectus, and the documents
incorporated by reference herein or therein, in evaluating an investment in our
common stock. If any of the risks discussed below, in the accompanying
prospectus, our annual report on Form 10-K for the year ended December 31, 2013
and our quarterly reports on Form 10-Q for the quarters ended March 31, 2014 and
June 30, 2014, or in any document incorporated by reference into this prospectus
supplement or the accompanying prospectus, were actually to occur, our business,
financial condition, results of operations, or cash flow could be materially
adversely affected. In that case, the trading price of our common stock could
decline and you could lose all or part of your investment. </I></P>
<P align=justify><B>Risks Associated with our Fuel Technology Business</B></P>
<P align=justify><B><I>Failure to raise additional capital or generate the cash
flows necessary to expand our operations and continue our research and
development could significantly impede our ability to continue as a going
concern. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We need to raise a sufficient amount of funds in 2014 to
continue as a going concern, and we may not be able to obtain additional debt or
equity financing on favorable terms, if at all. If we raise additional equity or
convertible debt financing, our stockholders may experience significant dilution
of their ownership interests and the per-share value of our common stock could
decline. If we engage in debt financing, we may be required to accept terms that
restrict our ability to incur additional indebtedness and force us to maintain
specified liquidity or other ratios. If we need additional capital and cannot
raise it on acceptable terms, we may not be able to fully develop our nuclear
fuel designs and it will limit our future operations.</P>
<P align=justify><B><I>If we are unable to enter into one or more commercial
agreements with nuclear fuel fabricators and/or fuel development partners, we
may not be able to raise money on terms acceptable to us or at all. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on our current cash
position, we expect to seek new financing or additional sources of capital,
depending on the capital market conditions, over the next six months in order to
fund ongoing research and development activities for our nuclear fuel
technology. New consulting revenue might be able to extend that date somewhat.
Our current plan is to seek external funding from third party sources to support
a large portion of the remaining development, testing and demonstration
activities relating to our metallic nuclear fuel technology. We are currently in
discussions with fuel fabricators/development partners regarding entry into
commercial agreements to support our research and development activities and
further enhance the development of our fuel products. We are unable to
provide a reliable estimate as to the likelihood or timing of any such
commercial agreements at this time.. If we are unable to demonstrate meaningful progress
towards entry into these commercial agreements or other strategic arrangements
to further the development of our fuel products, it may be difficult for us to
raise additional capital on terms acceptable to us or at all. If we are unable
to raise additional capital over the next six months, it is unlikely that we may
be able to execute our current business plan.</P>
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<P align=justify><B><I>Our fuel designs have never been tested in an existing
commercial reactor and actual fuel performance, as well as the willingness of
commercial reactor operators and fuel fabricators to adopt a new design, is
uncertain. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuclear power research and
development entails significant technological risk. New designs must undergo
extensive development and testing necessary for regulatory approval. Our fuel
designs are still in the research and development stage and while certain
testing on our fuel technologies has been completed, further testing and
experiments will be required in test facilities. Furthermore, the fuel
technology has yet to be demonstrated in operating conditions analogous to those
found in an existing commercial reactor. Until we are able to successfully
demonstrate operation of our fuel designs in an actual commercial reactor, we
will not be certain about the ability of the fuel we design to perform as
expected. In addition, there is also a risk that suitable testing facilities may
not be available to us on a timely basis, which could cause development program
schedule delays.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will also have to enter into a
commercial arrangement with a fuel fabricator to produce fuel using our
designs.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If our fuel designs do not
perform as anticipated in commercial reactor conditions, we will not realize
revenues from licensing or other use of our fuel designs.</P>
<P align=justify><B><I>Potential competitors could limit opportunities to
license our technology. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Part of our strategy is to partner with major fuel
fabricators through technology licensing arrangements. However, these fuel
fabricators may potentially develop new nuclear fuel designs that can be used in
the same types of reactors as those that we target. Existing fuel fabricators
also have established commercial connections to nuclear power facilities that we
do not have. If these types of companies were to compete with our nuclear fuel
design technology, opportunities to license our technology would be limited. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moreover, many of these fuel fabricators have
substantially greater financial, technological, managerial and research and
development resources and experience than we do. These larger companies may be
better able to handle the corresponding long term financial requirements. </P>
<P align=justify><B><I>We serve the nuclear power industry, which is highly
regulated. Our fuel designs differ from fuels currently licensed and used by
commercial nuclear power plants. The regulatory licensing and approval process
for nuclear power plants to use our fuels may be delayed and made more costly,
and industry acceptance of our fuels may be hampered. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nuclear power industry is a
highly regulated industry. All entities that operate nuclear facilities and
transport nuclear materials are subject to the jurisdiction of the U.S. Nuclear
Regulatory Commission, or its counterparts around the world.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our fuel designs differ
significantly in some aspects from the fuel used today by commercial nuclear
power plants. These differences will likely result in more prolonged and
extensive review by the U.S. Nuclear Regulatory Commission or its counterparts around
the world that could cause development program schedule delays. Entities within
the nuclear industry may be hesitant to be the first to use our fuel, which has
little or no history of successful commercial use. Furthermore, our fuel development
timeline relies on the relevant nuclear regulator to accept and approve
technical information and documentation about our fuel that is generated during
the research and development program. There is a risk that  regulators may
require additional information regarding the fuel&#146;s behavior or performance that
necessitates additional, unplanned analytical and/or experimental work which
could cause program schedule delays and require more research and development
funding.</P>
<P align=center>S-10 </P>
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<P align=justify><B><I>Existing commercial nuclear infrastructure in many
countries is limited to uranium material enrichments up to 5%. Our metallic fuel
is enriched to higher levels which would require modifications to existing
commercial nuclear infrastructure and could impede commercialization of our
technology. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existing commercial nuclear
infrastructure, including conversion facilities, enrichment facilities,
fabrication facilities, fuel storage facilities, fuel handling procedures, fuel
operation at reactor sites, used fuel storage facilities and shipping
containers, were designed and are currently licensed to handle uranium
enrichment up to 5%. Our fuel designs are expected to have enrichment levels up
to 19.7% and would therefore require certain modifications to existing
commercial nuclear infrastructure to enable commercial nuclear facilities to
handle our fuels. Those nuclear facilities will need to go through a regulatory
licensing process and obtain regulatory approvals to be able to handle uranium
with enrichment levels up to 19.7% and operate commercial reactors using our
fuel. There is a risk that some relevant entities within the nuclear power
industry may be slow in making any required facility infrastructure
modifications or obtaining required licenses or approvals to handle our fuel or
operate commercial reactors using our fuel. There is also a political risk
associated with possible negative perception in the news media and among some
nuclear critics of uranium enrichments greater than 5% that could potentially
delay or hinder regulatory approval of our nuclear fuel designs.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our nuclear fuel designs rely on
fabrication technologies that in certain material ways are different from the
fabrication techniques presently utilized by existing commercial fuel
fabricators. In particular, our metallic fuel rods must be produced using a
co-extrusion fabrication process. Presently, most commercial nuclear fuel is
produced using a pellet fabrication technology, whereby uranium oxide is packed
into small pellets that are stacked and sealed inside metallic tubes. Our
co-extrusion fabrication technology involves extrusion of a single-piece solid
fuel rod from a metallic matrix containing uranium and zirconium alloy.
Fabrication of full-length (approximately 3.5 to 4.5 meters) PWR metallic fuel
rods has yet to be demonstrated. There is a risk that the fuel fabrication
process utilized to produce one-meter long metallic fuel rods may not be
adaptable to the fabrication of full-length metallic fuel rods used in
commercial reactors.</P>
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<P align=justify><B><I>Our plans to develop our fuel designs depend on our
ability to acquire the rights to the designs, data, processes and methodologies
that are used or may be used in our business in the future. If we are unable to
obtain such rights on reasonable terms in the future or develop our own know-how
necessary for fabrication of our nuclear fuel designs, our ability to exploit
our intellectual property may be limited. </I></B></P><P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not currently possess all
of the necessary know-how or have licensing or other rights to acquire or
utilize certain designs, data, methodologies or processes required for the
fabrication of our fuel assemblies. If we, or a fuel fabricator to which we
license our fuel technology, desire to utilize such existing processes or
methodologies in the future, a license or other right to use such technologies
from other entities that previously developed and own such technologies would be
required. Alternatively, we would have to develop our own know-how necessary for
fabrication of our metallic fuel rods and fuel assembly components. Nuclear
operators typically seek diversity of fuel supply and may be hesitant to use a
fuel product that is only available from a single supplier. If we are unable to
obtain a license or other right to acquire or utilize certain processes or
develop our own know-how required for the fabrication of our metallic fuel rods
and fuel assembly components, or there is only a single supplier of our fuel
assemblies, then we may not be able to fully exploit our intellectual property
and may be hindered in the sale of our fuel products and services.</P>
<P align=justify><B><I>An important element of our nuclear engineering work is
performed by our Russian employees based in our Moscow office, making it
subject to political uncertainties relating to Russia and U.S.-Russian
relations. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An important element of our
nuclear engineering work is performed by our Russian employees who operate from
our Moscow office. Our nuclear engineering operations conducted in Russia are
subject to various political risks and uncertainties inherent in the country of
Russia. If U.S.-Russia relations deteriorate, the Russian government may decide
to scale back or even cease completely its cooperation with the United States on
various international projects, including nuclear power technology development
programs, or the U.S. government may decide to impose sanctions or other legal
restrictions preventing US businesses from doing business in Russia. If this
should happen, nuclear engineering activities performed by our Moscow office
staff could be scaled back or shut down, which could cause development program
schedule delays and may require additional funding to assemble and employ a
nuclear engineering team with similar skills outside Russia. In October 2014,
we signed an Initial Cooperation Agreement with Canadian Nuclear
Laboratories for fabrication and loop irradiation testing of
Lightbridge-designed nuclear fuel samples in Canada. We intend to
continue pursuing a strategy of shifting the most critical elements of our
R&amp;D activities away from Russia to mitigate the Russian political risk.</P>
<P align=center>S-12 </P>
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<P align=justify><B><I>If the U.S. Department of Energy (&#147;DOE&#148;) were to
successfully assert that an invention claimed within our 2007 or 2008 Patent
Cooperation Treaty, or PCT, patent applications was first conceived or actually reduced to practice under a contract with the
DOE, then our intellectual property rights in that invention could become
compromised and our business model could become significantly impeded.
</I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Work on finite aspects and/or
testing of some subject matter disclosed in our 2007 and 2008 Russian PCT patent
applications was done under a government contract with the DOE. If the DOE
asserted that an invention claimed in the 2007 and/or 2008 Russian PCT
applications was first conceived or actually reduced to practice under such a
contract, and a U.S. court agreed, the DOE could gain an ownership interest in
such an invention outside of the Russian Federation and our intellectual
property rights in that claimed invention could become compromised and our
business model may then be significantly impeded.</P>
<P align=justify><B><I>If we are unable to obtain or maintain intellectual
property rights relating to our technology, the commercial value of our
technology may be adversely affected, which could in turn adversely affect our
business, financial condition and results of operations. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our success and ability to
compete depends in part upon our ability to obtain protection in the United
States and other countries for our nuclear fuel designs by establishing and
maintaining intellectual property rights relating to or incorporated into our
fuel technologies and products. We own a variety of patents and patent
applications in the United States, as well as corresponding patents and patent
applications in several other jurisdictions. We have not obtained patent
protection in each market in which we plan to compete. We do not know how
successful we would be should we choose to assert our patents against suspected
infringers. Our pending and future patent applications may not issue as patents
or, if issued, may not issue in a form that will be advantageous to us. Even if
issued, patents may be challenged, narrowed, invalidated or circumvented, which
could limit our ability to stop competitors from marketing similar products or
limit the length of term of patent protection we may have for our products.
Changes in either patent laws or in interpretations of patent laws in the United
States and other countries may diminish the value of our intellectual property
or narrow the scope of our patent protection, which could in turn adversely
affect our business, financial condition and results of operations.</P>
<P align=justify><B><I>If we infringe or are alleged to infringe intellectual
property rights of third parties, our business, financial condition and results
of operations could be adversely affected. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our nuclear fuel designs may
infringe, or be claimed to infringe, patents or patent applications under which
we do not hold licenses or other rights. Third parties may own or control these
patents and patent applications in the United States and elsewhere. Third
parties could bring claims against us that would cause us to incur substantial
expenses and, if successfully asserted against us, could cause us to pay
substantial damages. If a patent infringement suit were brought against us, we
could be forced to stop or delay commercialization of the fuel design or a
component thereof that is the subject of the suit. As a result of patent
infringement claims, or in order to avoid potential claims, we may choose or be
required to seek a license from the third party and be required to pay license
fees, royalties or both. These licenses may not be available on acceptable
terms, or at all. Even if we were able to obtain a license, the rights may be
nonexclusive, which could result in our competitors gaining access to the same
intellectual property. Ultimately, we could be forced to cease some aspect of
our business operations if, as a result of actual or threatened patent
infringement claims, we are unable to enter into licenses on acceptable terms. This could significantly and
adversely affect our business, financial condition and results of operations. In
addition to infringement claims against us, we may become a party to other types
of patent litigation and other proceedings, including interference proceedings
declared by the United States Patent and Trademark Office regarding intellectual
property rights with respect to our nuclear fuel designs. The cost to us of any
patent litigation or other proceeding, even if resolved in our favor, could be
substantial. Some of our competitors may be able to sustain the costs of such
litigation or proceedings more effectively than we can because of their greater
financial resources. Uncertainties resulting from the initiation and
continuation of patent litigation or other proceedings could have a material
adverse effect on our ability to compete in the marketplace. Patent litigation
and other proceedings may also absorb significant management time.</P>
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<P align=justify><B><I>Our nuclear fuel process is dependent on outside
suppliers of nuclear and other materials and any difficulty by a fuel fabricator
in obtaining these materials could be detrimental to our ability to eventually
market our fuel through a fuel fabricator. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production of fuel assemblies
using our nuclear fuel designs is dependent on the ability of fuel fabricators
to obtain supplies of nuclear material utilized in our fuel assembly design.
Fabricators will also need to obtain metal for components, particularly
zirconium or its alloys. These materials are regulated and can be difficult to
obtain or may have unfavorable pricing terms. Any difficulties in obtaining
these materials by fuel fabricators could have a material adverse effect on
their ability to market fuel based on our technology.</P>
<P align=justify><i><b>Applicable Russian intellectual property law may be
inadequate to protect some of our intellectual property, which could have a
material adverse effect on our business.<br>
</b></i><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intellectual property rights are evolving in Russia, trending towards
international norms, but are by no means fully developed. We have worked closely
with our Russian branch office employees and other Russian contractors and
entities to develop some of our material intellectual property. Some of our
earlier intellectual property rights originate from our patent filings in
Russia. Our worldwide rights in some of this intellectual property, therefore,
may be affected by Russian intellectual property laws. If the application of
Russian laws to some of our intellectual property rights proves inadequate, then
we may not be able to fully avail ourselves of all of our intellectual property,
and our business model may be impeded.<br>
&nbsp;</P>
<P align=justify><B>General Business Risks </B></P>
<P align=justify><B><I>If the price of non-nuclear energy sources falls, there
could be an adverse impact on new build nuclear reactor activities in certain
markets, which would have a material adverse effect on our operations.
</I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain markets with a
diversified energy base, decisions on new build power plants are largely
affected by the economics of various energy sources. If prices of non-nuclear
energy sources fall, it could limit the deployment of new build nuclear power
plants in such markets. This could reduce the size of the potential markets for
both our fuel technology and our consulting services. </P>
<P align=justify><B><I>We may be adversely affected by uncertainty in the global
financial markets and worldwide economic downturn</I></B>.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our future results may be
adversely affected by the worldwide economic downturn, continued volatility or
further deterioration in the debt and equity capital markets, inflation,
deflation, or other adverse economic conditions that may negatively affect us.
At present, it is likely that we will require additional capital in the near
future in order to fund our operations. Due to the above listed factors, we
cannot be certain that additional funding will be available on terms that are
acceptable to us, or at all.</P>
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<P align=justify><B><I>Our limited operating history makes it difficult to judge
our prospects. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to 2008, we were a
development stage company. We have commenced the provision of nuclear consulting
services and currently have only a limited number of clients in this area of our
business. Similarly, our fuel design patents and technology have not been
commercially used and we have not received any royalty or sales revenue from
this area of our business. We are subject to the risks, expenses and problems
frequently encountered by companies in the early stages of development.</P>
<P align=justify><B><I>We rely upon certain members of our senior management,
including Seth Grae, and the loss of Mr. Grae or any of our senior management
would have an adverse effect on the Company. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our success depends upon certain
members of our senior management, including Seth Grae, our Chief Executive Officer. Mr. Grae&#146;s knowledge of the nuclear power industry, his network
of key contacts within that industry and in governments and, in particular, his
expertise in the potential markets for our technologies, is critical
to the implementation of our business model. Mr. Grae is likely to be a
significant factor in our future growth and success. The loss of services by Mr.
Grae would likely have a material adverse effect on us.</P>
<P align=justify><B><I>Competition for highly skilled professionals could have a
material adverse effect on our success. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We rely heavily on our contractor
staff and management team. Our success depends, in large part, on our ability to
hire, retain, develop and motivate highly skilled professionals. Competition for
these skilled professionals is intense and our inability to hire, retain and
motivate adequate numbers of consultants and managers could adversely affect our
ability to meet client needs and to continue the development of our fuel
designs. A loss of a significant number of our employees could have a
significant negative effect on us. Any significant volatility or sustained
decline in the market price of our common stock could impair our ability to use
equity-based compensation to attract, retain and motivate key employees and
consultants.</P>
<P align=justify><B><I>Successful execution of our business model is dependent
upon public support for nuclear power and overcoming public opposition to
nuclear energy as a result of the major nuclear accident at Fukushima.
</I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successful execution of our
business model is dependent upon public support for nuclear power in the United
States and other countries. Nuclear power faces strong opposition from certain
competitive energy sources, individuals and organizations. The major nuclear
accident that occurred at the Fukushima nuclear power plant in Japan that is
believed to have been caused by a major tsunami wave produced by a strong
earthquake that hit Japan on March 11, 2011, has had an adverse
effect on public opinion about nuclear power in some countries and the favorable regulatory
climate needed to introduce new nuclear technologies. Strong public opposition
has hindered the construction of new nuclear power plants and lead to early
shut-down of the existing nuclear power plants. Furthermore, nuclear fuel
fabrication and the use of new nuclear fuels in reactors must be licensed by the
U.S. Nuclear Regulatory Commission and equivalent governmental authorities
around the world. In many countries, the licensing process includes public
hearings in which opponents of the use of nuclear power might be able to cause
the issuance of required licenses to be delayed or denied. Following the
Fukushima nuclear accident, some countries have announced their plans to delay,
scale down or cancel deployment of new nuclear power plants while others, such
as Germany, have decided to completely phase out nuclear power over the coming
years.</P>
<P align=center>S-15 </P>
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<P align=justify><B><I>We may not be able to receive or retain authorizations
that may be required for us to sell our services, or license our technology
internationally. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sales and marketing of our
services and technology internationally may be subject to U.S. export control
regulations and the export control laws of other countries. Governmental
authorizations may be required before we can export our services or technology.
If authorizations are required and not granted, our international business plans
could be materially affected. The export authorization process is often time
consuming. Violation of export control regulations could subject us to fines and
other penalties, such as losing the ability to export for a period of years,
which would limit our revenue growth opportunities and significantly hinder our
attempts to expand our business internationally.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Department of Energy
(DOE) is currently finalizing its review of our Part 810 export authorization
request which is required in order for us to be able to enter into an agreement
relating to our proposed collaboration with Rosatom or its subsidiary
companies.</P>
<P align=justify><B>Risks Associated With Our Consulting Activities </B></P>
<P align=justify><B><I>Our inability to attract business from new clients,
maintain current levels of business, or retain our existing clients could have a
material adverse effect on us. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that many of our future
client engagement agreements will be terminable by our clients with little or no
notice and without penalty. Some of our work may involve multiple engagements or
stages. In those engagements, there is a risk that a client may choose not to
retain us for additional stages of an engagement or that a client will cancel or
delay additional planned engagements. In addition, a small number of existing
clients account for a majority of our consulting revenues, the loss of any one
of which would have a material adverse effect on our results of operations. Some
of our existing clients reduced their utilization of our consulting services in
2013 and 2014. Our current consulting clients are not contractually obligated to purchase
a certain level of services from us and may significantly reduce their
utilization of our services, resulting in a material reduction in revenue.</P>
<P align=center>S-16 </P>
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<P align=justify><B><I>Our future profitability will suffer if we are not able
to maintain current pricing and utilization rates. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our revenue, and our
profitability, will be largely based on the billing rates charged to clients and
the number of hours our professionals  work on client engagements, which we
define as the &#147;utilization&#148; of our professionals. Accordingly, if we are not
able to maintain the pricing for our services or an appropriate utilization rate
for our professionals, revenues, project profit margins and our future
profitability will suffer. Bill rates and utilization rates are affected by a
number of factors, including:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">our clients&#146; perceptions of our ability to add
      value through our services; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">our competitors&#146; pricing for similar services;
    </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">the market demand for our services; and </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>our ability to manage significantly larger and more
      diverse workforces as we increase the number of our professionals and
      execute our growth strategies. </P></TD></TR></TABLE>
<P align=justify><B><I>Unsuccessful future client engagements could result in
damage to our professional reputation or legal liability, which could have a
material adverse effect on us. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our professional reputation and
that of our personnel is critical to our ability to successfully compete for new
client engagements and attract or retain professionals. Any factors that damage
our professional reputation could have a material adverse effect on our
business.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any client engagements that we
obtain will be subject to the risk of legal liability. Any public assertion or
litigation alleging that our services were negligent or that we breached any of
our obligations to a client could expose us to significant legal liabilities,
could distract our management and could damage our reputation. We carry
professional liability insurance, but our insurance may not cover every type of
claim or liability that could potentially arise from our engagements. The limits
of our insurance coverage may not be enough to cover a particular claim or a
group of claims, and the costs of defense.</P>
<P align=justify><B><I>Our results of operations could be adversely affected by
disruptions in the marketplace caused by economic and political conditions.
</I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global economic and political
conditions affect our clients&#146; businesses and the markets they serve. A severe
and/or prolonged economic downturn or a negative or uncertain political climate
could adversely affect our clients&#146; financial condition and the levels of
business activity engaged in by our clients and the industries we serve. Clients
could determine that discretionary projects are no longer viable or that new
projects are not advisable. This may reduce demand for our services, depress
pricing for our services or render certain services obsolete, all of which could
have a material adverse effect on our results of operations. Changes in global
economic conditions or the regulatory or legislative landscape could also shift
demand to services for which we do not have competitive advantages, and this
could negatively affect the amount of business that we are able to obtain.
Although we have implemented cost management measures, if we are unable to
appropriately manage costs or if we are unable to successfully anticipate
changing economic and political conditions, we may be unable to effectively plan
for and respond to those changes, and our business could be negatively
affected.</P>
<P align=center>S-17 </P>
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<P align=justify><B>Risks Relating to the Ownership of Our Securities and This
Offering</B> </P>
<P align=justify><B><I>There may be volatility in our stock price, which could
negatively affect investments, and stockholders may not be able to resell their
shares at or above the value they originally purchased such shares. </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market price of our common
stock may fluctuate significantly in response to a number of factors, some of
which are beyond our control, including:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">quarterly variations in operating results;
  </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">changes in financial estimates by securities
      analysts; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">changes in market valuations of other similar
      companies; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>announcements by us or our competitors of new products or
      of significant technical innovations, contracts, receipt of (or failure to
      obtain) government funding or support, acquisitions, strategic
      partnerships or joint ventures; </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">additions or departures of key personnel;
</TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>any deviations in net sales or in losses from levels
      expected by securities analysts, or any reduction in political support
      from levels expected by securities analysts; </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">future sales of common stock; and </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">nuclear accidents or other adverse nuclear
      industry events. </TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stock market may experience
extreme volatility that is often unrelated to the performance of particular
companies. These market fluctuations may cause our stock price to fall
regardless of its performance.</P>
<P align=justify><B><I>Management will have broad discretion as to the use of
the proceeds from this offering, and we may not use the proceeds
effectively.</I></B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not designated the amount
of net proceeds from this offering to be used for any particular purpose.
Accordingly, our management will have broad discretion as to the application of
the net proceeds from this offering and could use them for purposes other than
those contemplated at the time of this offering. Our shareholders may not agree
with the manner in which our management chooses to allocate and spend the net
proceeds. Moreover, our management may use the net proceeds for corporate
purposes that may not increase our profitability or market value. </P>
<P align=center>S-18 </P>
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<!--$$/page=--><A name=page_22></A>
<P align=justify><B><I>You will experience immediate dilution in the book value
per share of the common stock you purchase.</I></B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the price per share of
our common stock being offered is substantially higher than the book value per
share of our common stock, you will suffer substantial dilution in the net
tangible book value of the common stock you purchase in this offering. Based on
the public offering price of $1.75 per share and the net tangible book value of
the common stock of $0.10 per share as of June 30, 2014, if you purchase shares
of common stock in this offering, you will suffer dilution of $1.42 per share in
the net tangible book value of the common stock. Purchasers in this offering
will suffer additional dilution in the event they exercise the warrants offered
hereby. </P>
<P align=justify><b><i>We will need additional capital, and the sale of
additional shares or other equity securities could result in additional dilution
to our stockholders.</i></b></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;<b>&nbsp;</b>We may seek to sell additional equity securities or
incur debt to fund our operations. The sale of additional equity securities will
result in additional dilution to our stockholders. The incurrence of additional
indebtedness would result in increased debt service obligations and could result
in operating and financing covenants that would restrict our operations. We
cannot assure you that financing, if necessary, will be available in amounts or
on terms acceptable to us, if at all.</P>
<P align=justify><b><i>A large number of shares may be sold in the market
following this offering, which may depress the market price of our common
stock.</i></b> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the shares of our common
stock sold in the offering, including shares issuable upon exercise of the
warrants, will be freely tradable without restriction or further registration
under the Securities Act. As a result, a substantial number of shares of our
common stock may be sold in the public market following this offering, which may
cause the market price of our common stock to decline. If there are more shares
of common stock offered for sale than buyers are willing to purchase, then the
market price of our common stock may decline to a market price at which buyers
are willing to purchase the offered shares of common stock and sellers remain
willing to sell the shares. </P>
<P align=justify><B><I>There is no public market for the warrants to purchase
common stock in this offering.</I></B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no established public
trading market for the warrants being offered in this offering, and we do not
expect a market to develop. In addition, we do not intend to apply to list the
warrants on any securities exchange. Without an active market, the liquidity of
the warrants will be limited. </P>
<P align=center>S-19 </P>
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<P align=center><B>USE OF PROCEEDS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate that the net proceeds
from the sale of the securities we are offering will be approximately $4.4
million, assuming that we sell all of the securities we are offering, after
deducting the placement agent&#146;s fees and estimated offering expenses payable by
us. This amount does not include the proceeds that we may receive in connection
with any exercise of the warrants issued in this offering. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will use the majority of the
net proceeds we receive from the sale of the shares of common stock and warrants
offered by this prospectus supplement and the accompanying prospectus for
research and development of our nuclear fuel designs and general working capital
purposes. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we have identified some
potential uses of the net proceeds to be received upon completion of this
offering, we cannot specify these uses with certainty. Our management will have
broad discretion in the application of the net proceeds from this offering and
could use them for purposes other than those contemplated at the time of this
offering. Our stockholders may not agree with the manner in which our management
chooses to allocate and spend the net proceeds. Moreover, our management may use
the net proceeds for corporate purposes that may not result in our being
profitable or increase our market value. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until we use the net proceeds of
this offering, we intend to invest the funds in short-term, investment grade,
interest-bearing securities. </P>
<P align=center>S-20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center><B>DILUTION </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchasers of shares of our
common stock in this offering will suffer an immediate and substantial dilution
in net tangible book value per share. Net tangible book value per share is total
tangible assets, reduced by total liabilities, divided by the total number of
outstanding shares of common stock. Our net tangible book value as of June 30,
2014 was approximately $1.5 million, or approximately $0.10 per outstanding
share of common stock. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After giving effect to the sale
of the securities and the application of the net proceeds therefrom at a public
offering price of $1.75 per fixed combination of securities (and excluding
shares of common stock issued and any proceeds received upon exercise of the
warrants), our adjusted net tangible book value as of June 30, 2014 would have
been approximately $5.9 million, or approximately $0.33 per share. This
represents an immediate increase in net tangible book value of $0.23 per share
to our existing stockholders and an immediate dilution of $1.42 per share to new
investors. The following table illustrates this calculation on a per share
basis, assuming that we sell all of the securities we are offering: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Public offering price per
      fixed combination </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;1.75 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Net tangible book value per share
      as of June 30, 2014 </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;0.10 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Increase in net
      tangible book value per share attributable to new investors </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;0.23 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Adjusted net tangible book value per share as
      of June 30, 2014 after giving effect to this offering </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;0.33 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Dilution per share to new
      investors </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;1.42 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors that acquire additional
shares of common stock through the exercise of the warrants offered hereby may
experience additional dilution depending on our net tangible book value at the
time of exercise. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts above are based on
15,071,536 shares of common stock outstanding as of June 30, 2014, and assume no
exercise of outstanding options or warrants since that date. The number of
shares of common stock anticipated to be outstanding after this offering
excludes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B> </TD>
    <TD align=left width="95%">
      <P align=justify>2,143,686 shares of our common stock issuable upon the
      exercise of outstanding stock options under our 2006 Stock Plan, having a
      weighted average exercise price of $8.83 per share; </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>1,034,996 shares of common stock issuable upon the
      exercise of warrants to be issued in our July 2010 offering; and
</P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>1,117,178 shares of common stock issuable upon the
      exercise of warrants to be issued in our October 2013 offering; and
  </P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>2,734,590 shares of common stock issuable upon the
      exercise of warrants to be issued in this offering. </P></TD></TR>
  </TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any of our
outstanding options or warrants are exercised, we grant additional options under
our stock option plans or issue additional warrants, or we issue additional
shares of common stock in the future, there may be further dilution to new
investors. </P>
<P align=center>S-21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A>
<P align=center><B>PRICE RANGE OF COMMON STOCK </B></P>
<P align=justify>Our common stock is traded on the Nasdaq Capital Market under
the symbol &#147;LTBR.&#148; </P>
<P align=justify>The following table sets forth, for the periods indicated, the
high and low reported sales prices of our common stock.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="27%" colSpan=4>Sales
      Prices<SUP>(1) </SUP></TD>
    <TD vAlign=bottom noWrap align=left width="2%" ></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>High </B></TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>Low </B></TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Year ended December 31,
      2014 </B></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Fourth Quarter (through November 11, 2014) </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;2.35 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;1.70 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Third Quarter </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3.54 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2.25 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Second Quarter </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2.88 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1.94 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;First Quarter </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3.79 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1.45 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Year ended December 31,
      2013 </B></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Fourth Quarter </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;2.12 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;1.37 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Third Quarter </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3.15 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1.51 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Second Quarter </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1.81 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1.38 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;First Quarter </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2.30 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1.49 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Year ended December 31,
      2012 </B></TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Fourth Quarter </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;2.13 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;1.02 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Third Quarter </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2.74 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2.00 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Second Quarter </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3.27 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1.91 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;First Quarter </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4.18 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1.95 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR><U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The last reported sales price of our common stock on the
      Nasdaq Capital Market on November 11, 2014 was $2.34. As of November 11,
      2014, there were approximately 108 stockholders of record of our common
      stock. Certain of our shares are held in &#147;nominee&#148; or &#147;street&#148; name;
      accordingly, we believe the number of beneficial owners is greater than
      the foregoing number.</P></TD></TR></TABLE>
<P align=center>S-22 </P>
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<P align=center><B>DIVIDEND POLICY </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have never declared or paid
cash dividends. We currently intend to retain and use any future earnings for
the development and expansion of our business and do not plan to pay any cash
dividends in the foreseeable future. </P>
<P align=center>S-23 </P>
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<P align=center><B>CAPITALIZATION </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth
our cash and cash equivalents and capitalization as of June 30, 2014, both on an
actual basis and as adjusted to give effect to the sale of 2,878,516 shares of
common stock and warrants to purchase up to 2,734,590 shares of common stock by
us in this offering at a public offering price of $1.75 per fixed combination,
after deducting estimated placement agent fees and estimated offering expenses
payable by us assuming no exercise of the warrants. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This table should be read in
conjunction with &#147;Use of Proceeds&#148; and our unaudited consolidated financial
statements, including the related notes, included or incorporated by reference
in this prospectus supplement. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="27%" colSpan=4><B>As of June
      30, 2014</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>Actual</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="12%"><B>As Adjusted</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="27%" colSpan=4><B>(dollars in
      thousands)</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;988 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>5,393 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Current Liabilities</B> </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Accounts payable and accrued
      liabilities </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><B>Total Current Liabilities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">855 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">855 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Stockholder&#146;s Equity</B>
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
      stock, $0.001 par value; 50,000,000 authorized shares,
      no&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
      issued and outstanding </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
      stock, $0.001 par value; 500,000,000
      authorized,&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
      issued and outstanding at June 30,
      2014:&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,071,536
      shares, actual, 17,950,052 as adjusted for
      this&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;offering
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>15 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>18 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Additional paid-in capital - stock and stock equivalents </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">76,369 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">80,771 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Accumulated Deficit </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(74,167</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(74,167</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
  </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
      stock reserved for issuance, zero shares at June 30, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Total Stockholders&#146; Equity
</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>2,217 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>6,622 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>Total Capitalization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">2,217 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">6,622 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR></TABLE>
<P align=center>S-24 </P>
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<P align=center><B>DESCRIPTION OF SECURITIES WE ARE OFFERING </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this offering, we are offering
a maximum of up to 2,878,516 shares of our common stock and warrants to purchase
up to an additional 2,734,590 shares of our common stock. The securities will be
sold in multiples of a fixed combination consisting of one share of common stock
and a warrant to purchase 0.95 shares of common stock, at an initial exercise
price of $2.31. We are offering the fixed combination at a negotiated price of
$1.75 per fixed combination.</P>
<P align=justify><B><I>Common Stock</I></B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following description of our
common stock is a summary. It is not complete and is subject to and qualified in
its entirety by our Articles of Incorporation, as amended, and Amended and
Restated Bylaws, as amended, a copy of each of which has been incorporated as an
exhibit to the registration statement of which this prospectus supplement forms
a part. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this prospectus
supplement, our articles of incorporation authorizes us to issue 500,000,000
shares of common stock, par value $0.001 per share, and 50,000,000 shares of
preferred stock, par value $0.001 per share. As of November 11, 2014, 15,204,358
shares of common stock were outstanding and no shares of preferred stock were
outstanding. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The material terms and provisions
of our common stock are described under the caption &#147;Description of Capital
Stock&#148; starting on page 5 of the accompanying prospectus. </P>
<P align=justify><B><I>Warrants</I></B> </P>
<P align=justify><I>The material terms and provisions of the warrants being
offered pursuant to this prospectus supplement and the accompanying prospectus
are summarized below. The summary is subject to, and qualified in its entirety
by, the form of warrant which will be provided to each purchaser in this
offering and will be filed as an exhibit to a Current Report on Form 8-K with
the SEC in connection with this offering.</I> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each purchaser will receive, for
each fixed combination purchased, one share of our common stock and a warrant
representing the right to purchase 0.95 shares of common stock at an initial
exercise price of $2.31 per share of common stock. The exercise price for the
warrants has been determined by negotiations among us and the representatives of
the underwriters. The warrants will be exercisable after the date that is
six months and one day after the date the warrants are issued and will terminate
ninety (90) months following the date the warrants are issued. The exercise
price and the number of shares for which each warrant may be exercised is
subject to appropriate adjustment in the event of stock dividends, stock splits,
reorganizations or similar events affecting our common stock and the exercise
price of warrants held by a purchaser (or such purchaser&#146;s direct or indirect
transferee) is subject to appropriate adjustment in the event of cash dividends
or other distributions to holders of shares of our common stock. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no established public
trading market for the warrants, and we do not expect a market to develop. We do
not intend to apply to list the warrants on any securities exchange. Without an
active market, the liquidity of the warrants will be limited. In addition, in
the event our common stock price does not exceed the per share exercise price of the warrants
during the period when the warrants are exercisable, the warrants will not have
any value. There are currently 2,152,174 warrants outstanding which constitute
the right to purchase 2,152,174 shares of our common stock.</P>
<P align=center>S-25 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of the warrants may
exercise their warrants to purchase shares of our common stock by delivering an
exercise notice, appropriately completed and duly signed. Payment of the
exercise price for the number of shares for which the warrant is being exercised
is required to be delivered within one trading day after exercise of the
warrant. In the event that the registration statement relating to the warrant
shares is not effective, a holder of warrants will have the right to exercise
its warrants for a net number of warrant shares pursuant to the cashless
exercise procedures specified in the warrants. Warrants may be exercised in
whole or in part, and any portion of a warrant not exercised prior to the
termination date shall be and become void and of no value. The absence of an
effective registration statement or applicable exemption from registration does
not alleviate our obligation to deliver common stock issuable upon exercise of a
warrant. Upon the holder&#146;s exercise of a warrant, we will issue the shares of
common stock issuable upon exercise of the warrant within three trading days of
our receipt of notice of exercise. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of common stock
issuable on exercise of the warrants will be, when issued in accordance with the
warrants, duly and validly authorized, issued and fully paid and non-assessable.
We will authorize and reserve at least that number of shares of common stock
equal to the number of shares of common stock issuable upon exercise of all
outstanding warrants. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, at any time warrants are
outstanding, we consummate any fundamental transaction, as described in the
warrants and generally including any consolidation or merger into another
corporation, the consummation of a transaction whereby another entity acquires
more than 50% of our outstanding voting stock, or the sale of all or
substantially all of our assets, the holder of any warrants will thereafter
receive upon exercise of the warrants, the securities or other consideration to
which a holder of the number of shares of common stock then deliverable upon the
exercise of such warrants would have been entitled upon such consolidation or
merger or other transaction. Furthermore, we cannot enter into a fundamental
transaction unless the successor entity assumes in writing all of our
obligations to the warrant holders. Additionally, in the event of a fundamental
transaction, each warrant holder will have the right to require us, or our
successor, to repurchase its warrant for an amount of cash equal to the
Black-Scholes value of the remaining unexercised portion of the warrant on the
date of the consummation of such fundamental transaction. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercisability of the
warrants may be limited in certain circumstances if, upon exercise, certain
holders or any of their affiliates would beneficially own more than 4.99% of our
common stock. This limit may be increased to up to 19.99% upon no fewer than 60
days&#146; notice. </P>
<P align=center>S-26 </P>
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<P align=center><B>PLAN OF DISTRIBUTION </B></P>
<P align=justify><B><I>Placement Agency Agreement and Subscription
Agreements</I></B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William Blair &amp; Company,
L.L.C., which we refer to as the placement agent, has agreed to act as the
exclusive placement agent in connection with this offering subject to the terms
and conditions of a placement agency agreement dated as of November 12, 2014.
The placement agent is not purchasing or selling any shares of common stock or
warrants offered by this prospectus supplement, nor is it required to arrange
the purchase or sale of any specific number or dollar amount of the shares and
warrants, but the placement agent has agreed to use its reasonable efforts to
arrange for the sale of all of the shares and warrants offered hereby.
Therefore, we will enter into subscription agreements directly with investors in
connection with this offering and we may not sell the entire amount of shares
and warrants offered pursuant to this prospectus supplement. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The placement agency agreement
provides that the obligations of the placement agent is subject to certain
conditions precedent, including, among other things, the absence of any material
adverse change in our change in our business and the receipt of customary
opinions, letters and closing certificates. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The placement agent proposes to
arrange for the sale to one or more purchasers of the shares and warrants
offered pursuant to this prospectus supplement through the subscription
agreements between the purchasers and us. We negotiated the price for the shares
offered in this offering with the purchasers. The factors considered in
determining the price included the recent market price of our common stock, the
general condition of the securities market at the time of this offering, the
history of, and the prospects, for the industry in which we compete, our past
and present operations, and our prospects for future revenues. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed to indemnify the
placement agent against liabilities under the Securities Act of 1933, as
amended, and against breaches of our representations and warranties and
covenants in the placement agency agreement. We have also agreed to contribute
to payments the placement agent may be required to make in respect of such
liabilities. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed, subject to
limited exceptions, for a period of 60 days after the date of this prospectus
supplement, not to, without the prior written consent of the placement agent,
directly or indirectly, </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>offer to sell, hypothecate, pledge, announce the
      intention to sell, sell, contract to sell, sell any option or contract to
      purchase, purchase any option or contract to sell, grant any option, right
      or warrant to purchase or otherwise transfer or dispose of, directly or
      indirectly, or establish or increase a put equivalent position or
      liquidate or decrease a call equivalent position within the meaning of
      Section 16 of the Exchange Act, with respect to, any shares of common
      stock, or any securities convertible into or exercisable or exchangeable
      for shares of common stock, </P></TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>file or cause to become effective a registration
      statement under the Securities Act relating to the offer and sale of any
      shares of common stock or securities convertible into or exercisable or
      exchangeable for shares of common stock, or </P></TD></TR></TABLE>
<P align=center>S-27 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>enter into any swap or other agreement that transfers, in
      whole or in part, any of the economic consequences of ownership of the
      common stock, </P></TD></TR></TABLE>
<P align=justify>other than the issuance of stock options or shares of
restricted stock to employees, directors and consultants pursuant to our stock
benefit plans, issuances of shares of common stock upon the exercise of options
disclosed in the accompanying prospectus or upon the conversion or exchange of
convertible or exchangeable securities disclosed as outstanding in the
accompanying prospectus (provided that each recipient of such shares agrees that
all such shares remain subject to these transfer restrictions), or the purchase
or sale of our securities pursuant to a plan, contract or instruction that
satisfies all of the requirements of Rule 10b5-1(c)(1)(i)(B) that was in effect
prior to the date of this prospectus supplement. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, our officers and
directors have agreed, subject to limited exceptions, for a period of 60 days
after the date of this prospectus supplement, not to, without the prior written
consent of the placement agent: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>sell, offer to sell, contract or agree to sell,
      hypothecate, pledge, grant any option to purchase or otherwise dispose of
      or agree to dispose of, directly or indirectly, to file (or participate in
      the filing of) a registration statement with the SEC in respect of, or
      establish or increase a put equivalent position or liquidate or decrease a
      call equivalent position with respect to, any common stock or any other
      securities substantially similar to the common stock or securities
      convertible or exchangeable into, or exercisable for, common stock; or
    </P></TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>enter into any swap or other arrangement that transfers
      all or a portion of the economic consequences associated with the
      ownership of any common stock. </P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 60-day lock-up periods will
be extended if (1) we release earnings results or material news or a material
event relating to our company occurs during the last 17 days of the lock-up
period, or (2) prior to the expiration of the lock-up period, we announce that
we will release earnings results during the 16-day period beginning on the last
day of the lock-up period. In either case, the lock-up period will be extended
for 18 days after the date of the release of the earnings results or the
occurrence of the material news or material event unless the placement agents
waive such extension. </P>
<P align=justify><B><I>Fees</I></B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The placement agent will be
entitled to a cash fee of 7% of the gross proceeds paid to us for the shares of
common stock which we sell in this offering. We will also reimburse the
placement agents for all reasonable out-of-pocket expenses incurred by the
placement agents in this offering. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the per
fixed combination and total placement agency fees we will pay to the placement
agents in connection with the sale of the shares and warrants offered pursuant
to this prospectus supplement assuming the purchase of all of the shares of
common stock and warrants offered hereby: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>
    <p style="text-indent: -15pt; margin-left: 15pt">Placement agent fees per
      fixed combination of shares of common stock and warrants to purchase 0.95
      shares of common stock </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>0.1225</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left >
    <p style="text-indent: -15pt; margin-left: 15pt">Total</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;352,618 </TD>
    <TD vAlign=bottom align=left width="2%"
>&nbsp;</TD></TR></TABLE></DIV>
<P align=center>S-28 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because there is no minimum
offering amount required as a condition to closing in this offering, the actual
total placement agency fees, if any, are not presently determinable and may be
substantially less than the maximum amount set forth above. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our obligation to issue and sell
common stock to the purchasers is subject to the conditions set forth in the
subscription agreements entered into with the purchasers, which may be waived by
us at our discretion. A purchaser&#146;s obligation to purchase shares is subject to
the conditions set forth in the applicable subscription agreement as well, which
may be waived by the purchaser. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently anticipate that the
sale of up to 2,878,516 shares of common stock and warrants to purchase
2,734,590 shares of common stock will be completed on or about November 17,
2014. We estimate the total offering expenses of this offering that will be
payable by us, excluding the placement agency fees, will be approximately
$280,000, which include legal and printing costs, various other fees and
reimbursement of the placement agents&#146; expenses.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The placement agent may be deemed
to be an underwriter within the meaning of Section 2(a)(11) of the Securities
Act of 1933, as amended, or the Securities Act, and any fees or commissions
received by them and any profit realized on the resale of securities sold by
them while acting as principal might be deemed to be underwriting discounts or
commissions under the Securities Act. As an underwriter, the placement agent
would be required to comply with the requirements of the Securities Act and the
Exchange Act, including, without limitation, Rule 415(a)(4) under the Securities
Act and Rule 10b-5 and Regulation M under the Exchange Act. These rules and
regulations may limit the timing of purchases and sales of shares of common
stock by the placement agents. Under these rules and regulations, the placement
agent: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>&#149;</B></TD>
    <TD align=left width="95%">may not engage in any stabilization activity in
      connection with our securities; and </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>may not bid for or purchase any of our securities or
      attempt to induce any person to purchase any of our securities, other than
      as permitted under the Exchange Act, until it has completed its
      participation in the distribution </P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time in the ordinary
course of their respective businesses, the placement agent or its affiliates
have in the past or may in the future engage in investment banking and/or other
services with us and our affiliates for which they have or may in the future
receive customary fees and expenses. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing does not purport to
be a complete statement of the terms and conditions of the placement agency
agreement and subscription agreements. Copies of the placement agency agreement
and the subscription agreements will be included as exhibits to our current
report on Form 8-K that will be filed with the SEC and incorporated by reference
into the Registration Statement of which this prospectus supplement forms a
part. See &#147;Where You Can Find Additional Information&#148; on page 21 of the
prospectus. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent for our common
stock is Computershare Trust Company. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is traded on the
NASDAQ Capital Market under the symbol &#147;LTBR.&#148; </P>
<P align=center>S-29 </P>
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<P align=center><B>MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion
summarizes the material U.S. federal income tax consequences that may be
applicable to &#147;U.S. holders&#148; and &#147;non-U.S. holders&#148; (each as defined below) with
respect to the purchase, ownership and disposition of the common stock and
warrants offered by this prospectus supplement and accompanying prospectus. This
discussion only applies to purchasers who purchase and hold the common stock and
warrants as capital assets within the meaning of Section 1221 of the Internal
Revenue Code of 1986, as amended (the &#147;Code&#148;) (generally, property held for
investment). This discussion does not describe all of the tax consequences that
may be relevant to each purchaser or holder of common stock and warrants in
light of its particular circumstances.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This discussion is based upon
provisions of the Code, Treasury regulations promulgated thereunder, rulings and
judicial decisions as of the date hereof. These authorities may change, perhaps
retroactively, which could result in U.S. federal income tax consequences
different from those discussed below. This discussion does not address all
aspects of U.S. federal income taxes (such as the alternative minimum tax) and
does not describe any non-U.S., state, local or other tax considerations that
may be relevant to a purchaser or holder of common stock or warrants in light of
its particular circumstances. In addition, this discussion does not describe the
U.S. federal income tax consequences applicable to a purchaser or a holder of
common stock or warrants that is subject to special treatment under U.S. federal
income tax laws (including a tax-exempt entity, pension or other employee
benefit plan, financial institution or broker-dealer, person holding common
stock or warrants as part of a hedging or conversion transaction or straddle, an
insurance company, a former U.S. citizen, or former long-term U.S. resident).
The authorities on which this discussion is based are subject to various
interpretations, and any views expressed within this discussion are not binding
on the U.S. Internal Revenue Service (the &#147;IRS&#148;) or the courts. No assurance can
be given that the IRS or the courts will agree with the tax consequences
described herein. Additionally, we cannot assure you that a change in law will
not significantly alter the tax considerations that we describe in this
discussion. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a partnership (or any other
entity treated as a partnership for U.S. federal income tax purposes) holds
common stock or warrants, the U.S. federal income tax treatment of a partner of
that partnership generally will depend upon the status of the partner and the
activities of the partnership. If you are a partnership or a partner of a
partnership that holds the common stock or warrants you should consult your tax
advisors as to the particular U.S. federal income tax consequences of holding
and disposing of the common stock and warrants. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS DISCUSSION IS PROVIDED
FOR GENERAL INFORMATION ONLY. IF YOU ARE CONSIDERING THE PURCHASE OF THE COMMON
STOCK AND WARRANTS, YOU SHOULD CONSULT YOUR OWN TAX ADVISORS CONCERNING THE U.S.
FEDERAL INCOME TAX CONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF THE
COMMON STOCK AND WARRANTS IN LIGHT OF YOUR PARTICULAR </B><B>CIRCUMSTANCES AND
ANY CONSEQUENCES ARISING UNDER THE LAWS OF APPLICABLE STATE, LOCAL OR NON-U.S.
TAXING JURISDICTIONS.</B></P>
<P align=justify><B><I>Purchase of the Common Stock and Warrants</I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The units constituting the common
stock and warrants will be treated as &#147;investment units&#148; under U.S. federal
income tax law. For U.S. federal income tax purposes, the purchase by &#147;U.S.
holders&#148; and &#147;non-U.S. holders&#148; (each as defined below) of a unit will be
treated as the acquisition of two components: one share of common stock and 0.95
warrants. The purchase price for each unit will be allocated between these two
components in proportion to their relative fair market values at the time the
unit is purchased by the applicable &#147;U.S. holder&#148; or &#147;non-U.S. holder.&#148; This
allocation of the purchase price for each unit will establish the initial tax
basis for U.S. federal income tax purposes of a &#147;U.S. holder&#148; and &#147;non-U.S.
holder&#148; in the shares of common stock and the warrants that comprise each unit.</P>
<P align=center>S-30 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For this purpose, the Company
currently expects that $1.00 of the purchase price for each unit will be
allocated to each share of
common stock and $0.75 of the purchase price for each unit to each warrant;
however, such allocation is subject to change. A holder may obtain the final
allocation by submitting a written request to the Company directed to Gary
Sharpe, Investor Relations and Corporate Communications, Lightbridge
Corporation, 1600 Tysons Boulevard, Suite 550, McLean, Virginia 22102.
However, the IRS will not be bound by the Company&#146;s allocation of the purchase
price between the shares of common stock and warrants, and, therefore, the IRS
or a court may not respect the allocation set forth above. Each &#147;U.S. holder&#148;
and &#147;non-U.S. holder&#148; should consult its own tax advisor regarding the
allocation of the purchase price for each unit between the two components. </P>
<P align=justify><B><I>U.S. Holders </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the qualifications set
forth above, the following discussion summarizes the material U.S. federal
income tax consequences of the purchase, ownership and disposition of the common
stock and warrants by &#147;U.S. holders.&#148; You are a &#147;U.S. holder&#148; if you are a
beneficial owner of the common stock or warrants and you are for U.S. federal
income tax purposes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">an individual citizen or resident of the United
      States; </TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>a corporation (or other entity treated as a corporation
      for U.S. federal income tax purposes) created or organized in or under the
      laws of the United States, any state thereof or the District of Columbia;
      </P></TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>an estate the income of which is subject to U.S. federal
      income taxation regardless of its source; or </P></TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>a trust if it (a) is subject to the primary supervision
      of a court within the United States and one or more United States persons
      have the authority to control all substantial decisions of the trust or
      (b) has a valid election in effect under applicable Treasury regulations
      to be treated as a United States person. </P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Common stock</EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Distributions on the Common
stock</EM>.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, if distributions are
made with respect to our common stock, such distributions will be includible in
a U.S. holder&#146;s income of the day such a distribution is actually or
constructively received by a U.S. holder as dividend income to the extent of our
current and accumulated earnings and profits, as determined for U.S. federal
income tax purposes. Any portion of such distribution that exceeds our current
and accumulated earnings and profits will first be applied to reduce a U.S.
holder&#146;s tax basis in the common stock (but not below zero), and the excess will
be treated as gain from the disposition of the common stock, the tax treatment
of which is discussed below under &#147;Disposition of the Common Stock.&#148; Dividend
income received by non-corporate U.S. holders (including individuals) of common
stock will generally be subject to the preferential rates applicable to
long-term capital gains if such dividends are treated as &#147;qualified dividend income&#148; for U.S.
federal income tax purposes. The preferential rate does not apply to dividends
received to the extent that the U.S. holder elects to treat the dividends as
&#147;investment income,&#148; which may be offset against investment expenses.
Furthermore, the rate reduction does not apply to dividends that are paid to
non-corporate U.S. holders with respect to the common stock that is held for 60
days or less during the 121-day period beginning on the date which is 60 days
before the date on which the common stock becomes ex-dividend.</P>
<P align=center>S-31 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, U.S. holders that
are individuals, estates, or trusts that do not fall into a special class of
trusts that are exempt from such tax could be subject to the 3.8% Medicare tax
on net investment income or &#147;undistributed net investment income&#148; (in the case
of estates and trusts). A U.S. holder&#146;s net investment income generally will
include any dividends received with respect to the common stock, unless such
dividends are derived in the ordinary course of the conduct of a trade or
business (other than a trade or business that consists of certain passive or
trading activities). U.S. holders should consult their own tax advisors
regarding the implications of these rules in light of their particular
circumstances. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends received by corporate
U.S. holders of common stock generally will be eligible for the
dividends-received deduction. Generally, this deduction is allowed if the
underlying stock is held by the corporate U.S. holder for at least 46 days
during the 91 day period beginning on the date 45 days before the ex-dividend
date of the common stock.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Disposition of the Common
Stock</EM> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any sale, exchange,
redemption, or other disposition of the common stock, a U.S. holder generally
will recognize capital gain or loss equal to the difference between the amount
realized by the U.S. holder on any sale, exchange, redemption or other
disposition and the U.S. holder&#146;s adjusted tax basis in the common stock. As
discussed above, a U.S. holder&#146;s initial tax basis in its common stock will
equal the portion of the purchase price of a unit allocated to each share of
common stock. Such capital gain or loss will be long-term capital gain or loss
if the U.S. holder&#146;s holding period for the common stock exceeds one year.
Long-term capital gains of non-corporate U.S. holders (including individuals)
with respect to the common stock are currently eligible for reduced rates of
taxation. Certain limitations exist on the deduction of capital losses by U.S.
holders. A U.S. holder should consult its own tax advisors with respect to
applicable tax rates and netting rules for capital gains and losses.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, gains recognized by
U.S. holders that are individuals, estates, or trusts that do not fall into a
special class of trusts that are exempt from such tax could be subject to the
3.8% Medicare tax on net investment income or &#147;undistributed net investment
income&#148; (in the case of estates and trusts). A U.S. holder&#146;s net investment
income generally will include its net gains from the disposition of the common
stock, unless such net gains are derived in the ordinary course of the conduct
of a trade or business (other than a trade or business that consists of certain
passive or trading activities). </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Warrants </EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Exercise of Warrants.
</EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder will not recognize
gain or loss for U.S. federal income tax purposes on the exercise of a warrant.
A U.S. holder&#146;s initial tax basis in a share of our common stock received on the
exercise of a warrant will be equal to the sum of (i) such U.S. holder&#146;s tax
basis in such warrant plus (ii) the exercise price paid by such U.S. holder on the exercise of
such warrant. As discussed above, a U.S. holder&#146;s initial tax basis in its
warrant will equal the portion of the purchase price of a unit allocated to the
warrant.</P>
<P align=center>S-32 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. federal income tax
consequences of a cashless exercise of a warrant to a U.S. holder are not clear
under current tax law. A cashless exercise may, for example, be treated as a
tax-free recapitalization, in which case a U.S. holder&#146;s tax basis in the shares
of our common stock received would equal the tax basis in the surrendered
warrants, and the U.S. holder&#146;s holding period in any shares of our common stock
received on exercise would include the holding period of the surrendered
warrants. Alternatively, a cashless exercise could be treated as a taxable
exchange, which is treated in the same manner as a sale or exchange of warrants
(as described below) in which gain or loss should be recognized and the U.S.
holder&#146;s holding period in the shares of our common stock received on exercise
would begin on the day after the warrants are exercised and would not include
the period during which the warrants were held. The U.S. holder&#146;s tax basis in
the shares of our common stock received would equal the fair market value of
such shares of common stock at the time of the cashless exercise. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the absence of authority
as to the U.S. federal income tax treatment of a cashless exercise, there can be
no assurance which, if any, of the alternative tax consequences described above,
or of other possible characterizations of a cashless exercise, would be adopted
by the IRS or a court of law. Accordingly, a U.S. holder should consult its own
tax advisors with respect to the tax consequences of making a cashless exercise.
</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Disposition of Warrants.
</EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any sale, exchange or other
disposition of a warrant, a U.S. holder generally will recognize capital gain or
loss equal to the difference between the amount realized by the U.S. holder on
any sale, exchange, or other disposition, and the U.S. holder&#146;s adjusted tax
basis in the warrant. As discussed above, a U.S. holder&#146;s initial tax basis in
its warrant will equal the portion of the purchase price of a unit allocated to
the warrant. Such capital gain or loss will be long-term capital gain or loss if
the U.S. holder&#146;s holding period for warrant exceeds one year. Long-term capital
gains of non-corporate U.S. holders (including individuals) with respect to a
warrant are currently eligible for reduced rates of taxation. Certain
limitations exist on the deduction of capital losses by both corporate and
non-corporate U.S. holders. A U.S. holder should consult its own tax advisors
with respect to applicable tax rates and netting rules for capital gains and
losses.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, gains recognized by
U.S. holders that are individuals or estates, or a trusts that do not fall into
a special class of trusts that are exempt from such tax could be subject to the
3.8% Medicare tax on net investment income or &#147;undistributed net investment
income&#148; (in the case of estates and trusts). A U.S. holder&#146;s net investment
income generally will include its net gains from the disposition of the
warrants, unless such net gains are derived in the ordinary course of the
conduct of a trade or business (other than a trade or business that consists of
certain passive or trading activities). </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Expiration of Warrants
Without Exercise. </EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the expiration of a warrant,
a U.S. holder will generally recognize capital loss in an amount equal to such
U.S. holder&#146;s tax basis in the warrant. Certain limitations exist on the
deduction of capital losses by U.S. holders. A U.S. holder should consult its own
tax advisors with respect to applicable tax rates and netting rules for capital
gains and losses.</P>
<P align=center>S-33 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Certain Adjustments to the
Warrants. </EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any adjustment to the number of
our common shares that will be issued on the exercise of a warrant, or an
adjustment to the exercise price of a warrant, may be treated as a constructive
distribution to a U.S. holder of the warrants if, and to the extent that, such
adjustment has the effect of increasing such U.S. holder&#146;s proportionate
interest in the earnings and profits or assets of the Company. An adjustment can
be treated as a constructive distribution regardless of whether the U.S. holder
ever exercises the warrant or receives any cash or property as a result of the
adjustment (or, in certain circumstances, a failure to adjust). However, it is
unclear whether such constructive distributions would be eligible for the
reduced tax rate applicable to &#147;qualified dividend income&#148; paid to non-corporate
U.S. holders or for the dividends-received deduction applicable to certain
dividends paid to corporate U.S. holders (discussed in &#147;Distributions on the
Common Stock&#148; above). You should consult your tax advisor as to the tax
consequences of receiving constructive dividends. Generally, a U.S. holder&#146;s tax
basis in a warrant will be increased by the amount of any such constructive
distribution.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Information Reporting and
Backup Withholding</EM>.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information reporting and backup
withholding may apply with respect to payments of dividends (including
constructive distributions) on the common stock and to certain payments of
proceeds on the sale or other disposition of the common stock and warrants.
Certain U.S. holders may be subject to U.S. backup withholding (currently at a
rate of 28%) on payments of dividends on the common stock and certain payments
of proceeds on the sale or other disposition of the common stock and warrants if
the U.S. holder: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">fails to furnish its Taxpayer Identification
      Number (&#147;TIN&#148;); </TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">furnishes an incorrect TIN; </TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">is notified by the IRS that such holder is
      subject to backup withholding because it has failed to properly report
      payments of interest; or </TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">under certain circumstances, fails to certify,
      under penalties of perjury, that it has furnished a correct TIN and has
      not been notified by the IRS that it is subject to backup withholding for
      failure to report interest payments. </TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder generally will be
eligible for an exemption from backup withholding upon providing a properly
completed IRS Form W-9 to us or our paying agent. U.S. backup withholding is not
an additional tax. Any amounts withheld under the backup withholding rules may
be allowed as a refund or a credit against a U.S. holder&#146;s U.S. federal income
tax liability, which may entitle the U.S. holder to a refund, provided the U.S.
holder timely furnishes the required information to the IRS. </P>
<P align=justify><B><I>Non-U.S. Holders </I></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the qualifications set
forth above under the heading &#147;Material U.S. Federal Income Tax Consequences,&#148;
the following discussion summarizes the material U.S. federal income tax
consequences of the purchase, ownership and disposition of the common stock and
warrants by certain &#147;non-U.S. holders&#148; (as defined below). For purposes of this
discussion, you are a &#147;non-U.S. holder&#148; if you are a beneficial owner of the common stock or warrants and
you are not a &#147;U.S. holder&#148; or an entity treated as a partnership for U.S.
federal income tax purposes.</P>
<P align=center>S-34 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Common Stock</EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Distributions on the Common
Stock</EM>.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, if distributions are
made with respect to our common stock, such distributions will be treated as
dividends to the extent of our current and accumulated earnings and profits, as
determined for U.S. federal income tax purposes, and will be subject to
withholding as discussed below. Any portion of a distribution that exceeds our
current and accumulated earnings and profits will first be applied to reduce the
non-U.S. holder&#146;s tax basis in the common stock (but not below zero) and, to the
extent such portion exceeds the non-U.S. holder&#146;s tax basis, the excess will be
treated as gain from the disposition of the common stock, the U.S. federal
income tax treatment of which is discussed below under &#147;Disposition of the
Common Stock.&#148; </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to a non-U.S.
holder of the common stock that are not effectively connected with such non-U.S.
holder&#146;s conduct of a trade or business within the United States will generally
be subject to withholding of U.S. federal income tax at a 30% rate or such lower
rate as may be specified by an applicable income tax treaty between the United
States and the non-U.S. holder&#146;s country of residence. However, dividends that
are effectively connected with the conduct of a trade or business by the
non-U.S. holder within the United States (and, if required by an applicable tax
treaty between the United States and the non-U.S. holder&#146;s country of residence,
are attributable to a permanent establishment maintained by the non-U.S. holder
in the United States) are not subject to U.S. backup withholding, provided
certain certification and disclosure requirements are satisfied, including
completing an IRS Form W-8ECI (or other applicable form). Instead, such
dividends are subject to U.S. federal income tax on a net income basis in the
same manner as if the non-U.S. holder were a United States person, as defined
under the Code, unless an applicable income tax treaty provides otherwise. Any
such effectively connected dividends received by a corporate non-U.S. holder may
be subject to an additional &#147;branch profits tax&#148; at a 30% rate or such lower
rate as may be specified by an applicable income tax treaty between the United
States and the non-U.S. holder&#146;s country of residence.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A non-U.S. holder of the common
stock who wishes to claim the benefit of an applicable income tax treaty and
avoid backup withholding, as discussed below, for dividends will be required to
(a) complete an IRS Form W-8BEN or W-8BEN-E (or other applicable form) and
certify under penalty of perjury that such non-U.S. holder is not a United
States person as defined under the Code and is eligible for treaty benefits, or
(b) if the common stock is held through certain foreign intermediaries, satisfy
the relevant certification requirements of the applicable Treasury
regulations.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A non-U.S. holder of the common
stock eligible for a reduced rate of withholding pursuant to an income tax
treaty may obtain a refund of any excess amounts withheld by timely filing an
appropriate claim for refund with the IRS. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Disposition of the Common
Stock</EM>.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any gain realized by a non-U.S.
holder on the disposition of the common stock will generally not be subject to
U.S. federal income tax or U.S. backup withholding unless: </P>
<P align=center>S-35 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>the gain is effectively connected with the conduct of a
      trade or business by the non-U.S. holder in the United States (and, if
      required by an applicable income tax treaty between the United States and
      the non-U.S. holder&#146;s country of residence, is attributable to a permanent
      establishment (or, in the case of an individual, a fixed base) maintained
      by the non-U.S. holder in the United States); </P></TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>the non-U.S. holder is an individual who is present in
      the United States for 183 days or more in the taxable year of that
      disposition, and certain other conditions are met; or </P></TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>we are or have been a United States real property holding
      company (&#147;USRPHC&#148;) for U.S. federal income tax purposes, as such term is
      defined in Section 897(c) of the Code, and such non U.S. holder owned,
      directly or pursuant to certain attribution rules, more than 5% of our
      common stock at any time during the five year period ending on the date of
      disposition, provided that our common stock is regularly traded on an
      established securities market. We believe that we are not currently a
      USRPHC. </P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A non-U.S. holder described in
the first bullet point immediately above will generally be subject to tax on the
net gain derived from the sale of the common stock under regular graduated U.S.
federal income tax rates in the same manner as if the non-U.S. holder were a
United States person, as defined under the Code, and if it is a corporation, may
be subject to the branch profits tax equal to 30% of its effectively connected
earnings and profits or at such lower rate as may be specified by an applicable
income tax treaty between the United States and the non-U.S. holder&#146;s country of
residence. An individual non-U.S. holder described in the second bullet point
immediately above will be subject to a flat 30% tax on the gain derived from the
sale of the common stock, which may be offset by U.S.-source capital losses,
even though the individual is not considered a resident of the United States. A
non-U.S. holder described in the third bullet point above will be subject to
U.S. federal income tax under regular graduated U.S. federal income tax rates
with respect to the gain recognized in the same manner as if the non-U.S. holder
were a United States person as defined under the Code.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Warrants </EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Exercise of Warrants.
</EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A non-U.S. holder will not
recognize gain or loss for U.S. federal income tax purposes on the exercise of a
warrant. A non-U.S. holder&#146;s initial tax basis in a share of our common stock
received on the exercise of a warrant will be equal to the sum of (i) such U.S.
holder&#146;s tax basis in such warrant plus (ii) the exercise price paid by the
non-U.S. holder on the exercise of such warrant. As discussed above, a non-U.S.
holder&#146;s initial tax basis in its warrant will equal the portion of the purchase
price of a unit allocated to the warrant.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. federal income tax
consequences of a cashless exercise of a warrant to a non-U.S. holder are not
clear under current tax law. A cashless exercise may, for example, be treated as
a tax-free recapitalization, in which case a non-U.S. holder&#146;s tax basis in the
shares of our common stock received would equal the tax basis in the surrendered
warrants, and the non-U.S. holder&#146;s holding period in any shares of our common
stock received on exercise would include the holding period of the surrendered
warrants. Alternatively, a cashless exercise could be treated as a taxable
exchange, which is treated in the same manner as a sale or exchange of warrants
(as described below) in which gain or loss should be recognized and the non-U.S.
holder&#146;s holding period in the shares of our common stock received on exercise
would begin on the day after the warrants are exercised and would not include
the period during which the warrants were held. Any gain generally should be
treated in the same manner as described below under &#147;Sale, Exchange, or Other
Disposition of Warrants.&#148; The non-U.S. holder&#146;s tax basis in the shares of our
common stock received would equal the fair market value of such common stock at
the time of the cashless exercise.</P>
<P align=center>S-36 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Sale, Exchange, or Other
Disposition of Warrants. </EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the sale, exchange, or other
disposition of a warrant, a non-U.S. holder will generally not be subject to
U.S. federal income tax on such sale, exchange, or other disposition of a
warrant unless: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>the gain is effectively connected with the conduct of a
      trade or business by the non-U.S. holder in the United States (and, if
      required by an applicable income tax treaty between the United States and
      the non-U.S. holder&#146;s country of residence, is attributable to a permanent
      establishment (or, in the case of an individual, a fixed base) maintained
      by the non-U.S. holder in the United States); </P></TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>the non-U.S. holder is an individual who is present in
      the United States for 183 days or more in the taxable year of that
      disposition, and certain other conditions are met; or </P></TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">
      <P align=justify>we are or have been a USRPHC. We believe that we are
      currently not a USRPHC. </P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A non-U.S. holder described in
the first bullet point above will generally be subject to tax on the net gain
derived from the sale of the warrant under regular graduated U.S. federal income
tax rates in the same manner as if the non-U.S. holder were a United States
person as defined under the Code, and if it is a corporation, may be subject to
the branch profits tax equal to 30% of its effectively connected earnings and
profits or at such lower rate as may be specified by an applicable income tax
treaty between the United States and the non-U.S. holder&#146;s country of residence.
An individual non-U.S. holder described in the second bullet point above will be
subject to a flat 30% tax on the gain derived from the sale of the warrant,
which may be offset by U.S.-source capital losses, even though the individual is
not considered a resident of the United States. If the third bullet point above
is applicable, a non-U.S. holder will be subject to U.S. federal income tax
under regular graduated U.S. federal income tax rates with respect to the gain
recognized in the same manner as if the non-U.S. holder were a United States
person as defined under the Code. In the event that our warrants are regularly
traded on an established securities market, the treatment described in the
preceding sentence would apply to a non-U.S. holder that owned, directly or
pursuant to certain attribution rules, more than 5% of our warrants at any time
during the five year period ending on the date of the disposition. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a non-U.S. holder is subject
to U.S. federal income tax on any sale, exchange, or other disposition of the
warrant, such non-U.S. holder will recognize capital gain or loss equal to the
difference between the amount realized by the non-U.S. holder on any sale,
exchange, or other disposition of the warrant, and the non-U.S. holder&#146;s
adjusted tax basis in the warrant. As discussed above, a non-U.S. holder&#146;s
initial tax basis in its warrant will equal the portion of the purchase price of
a unit allocated to the warrant. The capital gain or loss recognized by the
non-U.S. holder will be long-term capital gain or loss if the non-U.S. holder&#146;s
holding period for the warrant exceeds one year. Certain limitations exist on
the deduction of capital losses by both corporate and non-corporate taxpayers. A
non-U.S. holder should consult its own tax advisors with respect to applicable
tax rates and netting rules for capital gains and losses.</P>
<P align=center>S-37 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Expiration of Warrants
Without Exercise. </EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the expiration of a warrant,
a non-U.S. holder will generally recognize capital loss in an amount equal to
such non-U.S. holder&#146;s tax basis in the warrant. Certain limitations exist on
the deduction of capital losses by non-U.S. holders. A non-U.S. holder should
consult its own tax advisors with respect to applicable tax rates and netting
rules for capital gains and losses. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Certain Adjustments to the
Warrants. </EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any adjustment to the number of
our common shares that will be issued on the exercise of a warrant, or an
adjustment to the exercise price of a warrant, may be treated as a constructive
distribution to a non-U.S. holder of the warrants if, and to the extent that,
such adjustment has the effect of increasing such non-U.S. holder&#146;s
proportionate interest in the &#147;earnings and profits&#148; or assets of the Company.
An adjustment can be treated as a constructive distribution regardless of
whether the non-U.S. holder ever exercises the warrant or receives any cash or
property as a result of the adjustment (or, in certain circumstances, a failure
to adjust). Generally, a non-U.S. holder&#146;s tax basis in a warrant will be
increased by the amount of any such constructive distribution. Any constructive
distribution will be taxed in the same manner as an actual distribution, as
discussed in &#147;Distributions on the Common Stock&#148; above, including withholding at
a 30% rate or such lower rate as may be specified by an applicable income tax
treaty between the United States and the non-U.S. holder&#146;s country of residence,
which may be withheld from subsequent payments on the common stock, or the
proceeds of a disposition of the common stock or warrants paid or credited to a
non-U.S. holder. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Information Reporting and
Backup Withholding</EM>.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We must report annually to the
IRS and to each non-U.S. holder the amount of dividends (including constructive
distributions) paid to such non-U.S. holder on the common stock and the tax
withheld with respect to such dividends, regardless of whether withholding was
required. Copies of the information returns reporting such dividends and
withholding may also be made available to the tax authorities in the country in
which the non-U.S. holder resides under the provisions of an applicable income
tax treaty with the United States. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A non-U.S. holder will not be
subject to backup withholding on dividends paid to such non-U.S. holder as long
as such non-U.S. holder certifies under penalty of perjury that it is a non-U.S.
holder (and the payor does not have actual knowledge or reason to know that such
non-U.S. holder is a United States person as defined under the Code), or such
non-U.S. holder otherwise establishes an exemption. Generally, the certification
procedures to claim treaty benefits described under &#147;Distributions on the Common
Stock&#148; above will generally satisfy the certification requirements necessary to
avoid backup withholding. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depending on the circumstances,
information reporting and backup withholding may apply to the proceeds received
from a sale or other disposition of the common stock or warrants which may be
acquired upon exercise of the warrants, unless the beneficial owner certifies
under penalty of perjury that it is a non-U.S. holder (and the payor does not
have actual knowledge or reason to know that the beneficial owner is a United
States person as defined under the Code), or such owner otherwise establishes an
exemption.</P>
<P align=center>S-38 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. backup withholding is not an
additional tax. Any amounts withheld under the backup withholding rules may be
allowed as a refund or a credit against a non-U.S. holder&#146;s U.S. federal income
tax liability provided the required information is timely furnished to the IRS.
</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Foreign Account Tax
Compliance Act.</EM> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Foreign Account Tax
Compliance Act (&#147;FATCA&#148;), generally imposes a 30% withholding on certain types
of U.S.-source &#147;withholdable payments&#148; (including dividends and the gross
proceeds from the sale or other disposition of stock of a U.S. corporation) to a
foreign financial institutions (which are broadly defined for this purpose), and
other non-U.S. entities that fail to comply with certain certification and
information reporting requirements regarding U.S. account holders or owners of
such institutions or entities. The obligation to withhold under FATCA applies to
any dividends on the common stock and is currently expected to apply to gross
proceeds from the disposition of the common stock, and though not entirely clear
under FATCA, possibly the warrants, paid after December 31, 2016. An
intergovernmental agreement between the United States and an applicable foreign
country may modify the requirements described in this paragraph. Non-U.S.
holders should consult their own tax advisors regarding the possible
implications of FATCA on their investment in the common stock and warrants. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE PRECEDING DISCUSSION OF
U.S. FEDERAL INCOME TAX CONSEQUENCES IS FOR GENERAL INFORMATION ONLY. IT IS NOT
TAX ADVICE. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR
REGARDING THE </B><B>PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON-U.S. FEDERAL
INCOME TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF THE COMMON STOCK
AND WARRANTS. </B></P>
<P align=center>S-39 </P>
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<P align=center><B>LEGAL MATTERS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary R. Henrie, Las Vegas,
Nevada, will issue a legal opinion as to the validity of the issuance of the
securities offered under this prospectus. Certain legal matters with respect to
the warrants offered under this prospectus will be passed upon for us by
Shearman &amp; Sterling, LLP, Palo Alto, California, 94306. Goodwin Procter LLP,
New York, New York, has served as counsel for the placement agent. </P>
<P align=center><B>EXPERTS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial
statements of the Company as of December 31, 2013 and 2012 and for the years
ended December 31, 2013 and 2012 incorporated in this prospectus supplement by
reference have been audited by the accounting firm of Anderson Bradshaw, PLLC,
an independent registered public accounting firm, as indicated in their report
thereon dated March 21, 2014, which is incorporated by reference herein in
reliance upon such firm&#146;s authority as experts in auditing and accounting. </P>
<P align=center><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate
by reference&#148; into this prospectus supplement certain information that we file
with the SEC, which means that we can disclose important information to you by
referring you to those documents. Any information that we file with the SEC
after the date of this prospectus supplement will automatically update this
prospectus supplement. We incorporate by reference into this prospectus
supplement the documents listed below, which are considered to be a part of this
prospectus supplement:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">Our Annual Report on Form 10-K for the fiscal
      year ended December 31, 2013, filed March 27, 2014, as amended on September
      17, 2014; </TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">Our Quarterly Report on Form 10-Q for the
      fiscal quarter ended March 31, 2014, filed on May 8, 2014; </TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">Our Quarterly Report on Form 10-Q for the
      fiscal quarter ended June 30, 2014, filed on August 5, 2014; </TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">Our Current Report on Form 8-K, filed with the
      SEC on November 12, 2014; and </TD></TR>
  <TR vAlign=top>
    <TD align=center  ><B>&#149;</B></TD>
    <TD align=left width="95%">The description of our common stock, $0.001 par
      value per share, contained in our Registration Statement on Form 8-A,
      filed on October 8, 2009 pursuant to Section 12(b) of the Exchange Act.
  </TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents that we file with
the SEC after the date of this prospectus supplement pursuant to Section 13(a),
13(c), 14 or 15(d) of the Exchange Act, prior to the termination of this
offering, are incorporated by reference into this prospectus supplement and will
automatically update information in this prospectus supplement; provided,
however, that notwithstanding the forgoing, unless specifically stated to the
contrary, none of the information that we disclose under Items 2.02 or 7.01 of
any Current Report on Form 8-K that we may from time to time furnish to the SEC
will be incorporated by reference into, or otherwise included in, this
prospectus supplement. The information contained in any such filing will be
deemed to be a part of this prospectus supplement, commencing on the date on
which the document is filed.</P>
<P align=center>S-40 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of these
reports, which we will provide to you at no cost, by writing or calling us at
our mailing address and telephone number: Lightbridge Corporation, 1600 Tysons
Boulevard, Suite 550, McLean, Virginia 22102, Attn: Investor Relations,
telephone: (571) 730-1213. </P>
<P align=center>S-41 </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
