<SEC-DOCUMENT>0000727273-11-000024.txt : 20111108
<SEC-HEADER>0000727273-11-000024.hdr.sgml : 20111108
<ACCEPTANCE-DATETIME>20111108152424
ACCESSION NUMBER:		0000727273-11-000024
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20110930
FILED AS OF DATE:		20111108
DATE AS OF CHANGE:		20111108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CADIZ INC
		CENTRAL INDEX KEY:			0000727273
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				770313235
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12114
		FILM NUMBER:		111187596

	BUSINESS ADDRESS:	
		STREET 1:		550 SOUTH HOPE STREET
		STREET 2:		SUITE 2850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		213-271-1600

	MAIL ADDRESS:	
		STREET 1:		550 SOUTH HOPE STREET
		STREET 2:		SUITE 2850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CADIZ LAND CO INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PACIFIC AGRICULTURAL HOLDINGS INC
		DATE OF NAME CHANGE:	19920602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARIDTECH INC
		DATE OF NAME CHANGE:	19880523
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>form10-q_sept2011.htm
<DESCRIPTION>FORM 10Q FOR PERIOD ENDED SEPTEMBER 30, 2011
<TEXT>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 24pt">United States</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 24pt">Securities and<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>Exchange<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>Commission</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="3">FORM 10-Q</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Mark One)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[&#8730;]&#160;&#160; <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">for the quarterly period ended September 30, 2011</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">OR</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">[&#160; ]&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">for the transition period from .....&#160; to .....<br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Commission File Number 0-12114</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 24pt">Cadiz<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>Inc.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(<font style="FONT-VARIANT: small-caps; DISPLAY: inline">Exact name of registrant specified in its charter)</font></font></div>

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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">DELAWARE</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">77-0313235</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(State or other jurisdiction of</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(I.R.S. Employer</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">incorporation or organization)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Identification No.)</font></div>
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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">550 South Hope Street, Suite 2850</font></div>
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<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Los Angeles, California</font></div>
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<td valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">90071</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Address of principal executive offices)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Zip Code)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Registrant&#8217;s telephone number, including area code:&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">(213) 271-1600</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Yes </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#8730;&#160;&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> No&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160; &#160;</font></font><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Yes <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#8730;&#160;&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> No&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.&#160; See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Large accelerated filer ___&#160;&#160;&#160;Accelerated filer&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">&#160;&#160;&#8730;&#160;&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;&#160;Non-accelerated filer ___&#160;&#160;&#160;Smaller Reporting Company ___</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Indicate by check mark whether the Registrant is a shell company (as defined in Exchange Act Rule 12b-2).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Yes___ No&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">&#160;&#160;&#8730;&#160;&#160;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of November 4, 2011, the Registrant had 14,192,874 shares of common stock, par value $0.01 per share, outstanding.</font></div>

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<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">Cadiz Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-VARIANT: small-caps; FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Index</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the Nine Months ended September 30, 2011</font></div>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Page</font></div>
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<td valign="top" width="73%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PART I &#8211; FINANCIAL INFORMATION</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="73%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="73%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 1.&#160;&#160;Financial Statements</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="73%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="73%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cadiz Inc. Consolidated Financial Statements</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="73%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="73%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#statementofops3mo">Unaudited Statements of Operations for the three months ended September 30, 2011 and 2010</a></font></div>
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<td valign="top" width="8%" style="TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1</font></div>
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<td valign="top" width="73%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="73%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#statementofops9mo">Unaudited Statements of Operations for the nine months ended September 30, 2011 and 2010</a></font></div>
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<td valign="top" width="8%" style="TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font></div>
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<td valign="top" width="73%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td align="left" valign="top" width="73%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#balancesheet">Unaudited Balance Sheets as of September 30, 2011 and December 31, 2010</a></font></div>
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<td valign="top" width="8%" style="TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3</font></div>
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<td valign="top" width="73%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="73%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#cashflows">Unaudited Statements of Cash Flows for the nine months ended September 30, 2011 and 2010</a></font></div>
</td>
<td valign="top" width="8%" style="TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4</font></div>
</td>
</tr><tr>
<td valign="top" width="73%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="73%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#stockholdersequity">Unaudited Statement of Stockholders&#8217; Equity for the nine months ended September 30, 2011</a></font></div>
</td>
<td valign="top" width="8%" style="TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font></div>
</td>
</tr><tr>
<td valign="top" width="73%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="73%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#notes">Unaudited Notes to the Consolidated Financial Statements</a></font></div>
</td>
<td valign="top" width="8%" style="TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6</font></div>
</td>
</tr><tr>
<td valign="top" width="73%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="73%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a href="#item2">ITEM 2.&#160;&#160;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</a></font></div>
</td>
<td valign="top" width="8%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17&#160; </font></td>
</tr><tr>
<td valign="top" width="73%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="73%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a href="#item3">ITEM 3.&#160;&#160;Quantitative and Qualitative Disclosures about Market Risk</a></font></div>
</td>
<td valign="top" width="8%" style="TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">29</font></div>
</td>
</tr><tr>
<td valign="top" width="73%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="73%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a href="#item4">ITEM 4.&#160;&#160;Controls and Procedures</a></font></div>
</td>
<td valign="top" width="8%" style="TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">29</font></div>
</td>
</tr><tr>
<td valign="top" width="73%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="73%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a href="#partII">PART II &#8211; OTHER INFORMATION</a></font></div>
</td>
<td valign="top" width="8%" style="TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30</font></div>
</td>
</tr></table>
</div>

<br>
i</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div>&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">&#160;</div>

<div id="HDR">
<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">Cadiz Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-VARIANT: small-caps; FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="statementofops3mo">Consolidated Statements of Operations (Unaudited)</a></font></div>
</div>
</div>
</div>

<div align="left">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the Three Months</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended September 30,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($ in thousands except per share data)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">121</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">274</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Costs and expenses:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Cost of sales</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">266</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">256</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>General and administrative</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,467</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,023</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Depreciation</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">92</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">81</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total costs and expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,825</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,360</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating loss</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,704 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,086 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest expense, net</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,451 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,092 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other income, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">52</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Loss before income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,103 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,178 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income tax provision</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net loss applicable to common stock</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,105</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,179</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Basic and diluted net loss per common share</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.29</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.23</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Basic and diluted weighted average shares outstanding</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,161</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,678</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to the consolidated financial statements.</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">Cadiz Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-VARIANT: small-caps; FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="statementofops9mo">Consolidated Statements of Operations (Unaudited)</a></font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the Nine Months</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended September 30,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($ in thousands except per share data)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">618</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">281</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Costs and expenses:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Cost of sales</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">716</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">256</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>General and administrative</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,650</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,115</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Depreciation</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">273</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">263</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total costs and expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,639</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,634</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating loss</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(8,021 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(8,353 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest expense, net</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,169 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,174 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other income, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">108</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Loss before income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,082 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(11,527 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income tax provision</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net loss applicable to common stock</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,087</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(11,530</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Basic and diluted net loss per common share</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.87</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(0.84</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Basic and diluted weighted average shares outstanding</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,934</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,670</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to the consolidated financial statements.</font></div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">Cadiz Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-VARIANT: small-caps; FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="balancesheet">Consolidated Balance Sheets (Unaudited)</a></font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="70%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">September 30,</font></div>
</div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="3" valign="bottom" width="14%" style="BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($ in thousands)</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="3" valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2010</font></div>
</td>
</tr><tr>
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="3" valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ASSETS</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="3" valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="3" valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Current assets:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="3" valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Cash and cash equivalents</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,452</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,911</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Accounts receivable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">144</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">277</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Prepaid expenses and other</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">738</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">299</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font>Total current assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,334</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,487</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Property, plant, equipment and water programs, net</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40,822</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,315</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Goodwill</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,813</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,813</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">352</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">321</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Total Assets</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">49,321</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">48,936</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Current liabilities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Accounts payable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">863</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">358</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Accrued liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">918</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,518</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Current portion of long term debt</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font>Total current liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,789</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,892</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Long-term debt, net</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,517</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,403</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Derivative liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">451</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Tax liability</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">321</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">321</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other long-term liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,423</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">923</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Total Liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">54,050</font> </td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">47,990</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Stockholders&#8217; equity:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Common stock - $.01 par value; 70,000,000 shares</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;authorized; shares issued and outstanding &#8211; 14,192,874 at</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;September 30, 2011 and 13,677,772 at December 31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">142</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">137</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Additional paid-in capital</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">288,766</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">282,359</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accumulated deficit</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(293,637 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(281,550</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Total stockholders&#8217; (deficit) equity</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,729 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">946</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Total Liabilities and Stockholders&#8217; equity</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">49,321</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">48,936</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to the consolidated financial statements.</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">Cadiz Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-VARIANT: small-caps; FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="cashflows">Consolidated Statements of Cash Flows (Unaudited)</a></font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-TOP: black 0.5pt solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the Nine Months</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ended September 30,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">($ in thousands except per share data)</font></div>
</td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash flows from operating activities:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Net loss</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Adjustments to reconcile net loss to</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,087</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(11,530 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>net cash used for operating activities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Depreciation</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">273</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">263</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Amortization of debt discount &amp; issuance costs</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,765</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,163</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest expense added to loan principal</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,405</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,016</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unrealized gain on derivative liability</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(108 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Compensation charge for stock and share options</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,069</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,151</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Changes in operating assets and liabilities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Decrease (increase) in accounts receivable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">133</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(108 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase in prepaid expenses and other</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(439 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(142 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%" style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Increase) decrease in other assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(83 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase (decrease) in accounts payable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(119 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase in accrued liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">148</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Increase in other long-term liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net cash used for operating activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5,344 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5,126 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash flows from investing activities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Additions to property, plant and equipment</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,103 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(743 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Net cash used in investing activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,103 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(743 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash flows from financing activities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net proceeds from issuance of common stock</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Proceeds from issuance of long-term debt</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Principal payments on long-term debt</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(17 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Net cash provided by (used in) financing activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,988</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(17 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net decrease in cash and cash equivalents</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,459 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5,886 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash and cash equivalents, beginning of period</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,911</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,878</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash and cash equivalents, end of period</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,452</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,992</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See accompanying notes to the consolidated financial statements.</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">Cadiz Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-VARIANT: small-caps; FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="stockholdersequity">Consolidated Statement of Stockholders&#8217; Equity (Unaudited)</a></font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt">$ in thousands except per share data)</font></font><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="35%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="6" valign="bottom" width="24%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Additional</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Total</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="35%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="6" valign="bottom" width="24%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Common Stock</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Paid-in</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Accumulated</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Stockholders&#8217;</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="35%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Shares</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Amount</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Capital</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Deficit</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Equity</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance as of&#160; December 31, 2010</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,677,772</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">137</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">282,359</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(281,550</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">946</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Stock awards</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">151,466</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1</font> </td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Issuance of common </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">stock for cash</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">363,636</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,995</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,999</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Convertible term loan </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">conversion option</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">343</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">343</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Stock based compensation expense</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,069</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,069</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="35%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net loss</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,087</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(12,087</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="35%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance as of September 30, 2011</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,192,874</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">142</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">288,766</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(293,637</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,729</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-VARIANT: small-caps; FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="notes">Notes To The Consolidated Financial Statements</a></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTE 1 &#8211; DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Consolidated Financial Statements have been prepared by Cadiz Inc., sometimes referred to as &#8220;Cadiz&#8221; or &#8220;the Company&#8221;, without audit and should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company&#8217;s Form 10-K for the year ended December 31, 2010.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Basis of Presentation</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The foregoing Consolidated Financial Statements include the accounts of the Company and contain all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair statement of the Company&#8217;s financial position, the results of its operations and its cash flows for the periods presented and have been prepared in accordance with generally accepted accounting principles.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles requires Management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes.&#160;&#160;Actual results could differ from those estimates and such differences may be material to the financial statements. This quarterly report on Form 10-Q should be read in conjunction with the Company&#8217;s Form 10-K for the year ended December&#160;31, 2010.&#160;&#160;The results of operations for the nine months ended September 30, 2011, are not necessarily indicative of results for the entire fiscal year ending December&#160;31, 2011.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liquidity</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The financial statements of the Company have been prepared using accounting principles applicable to a going concern, which assumes realization of assets and settlement of liabilities in the normal course of business.&#160;&#160;The Company incurred losses of $12.1 million for the nine months ended September 30, 2011, and $11.5 million for the nine months ended September 30, 2010.&#160;&#160;The Company had working capital of $2.5 million at September 30, 2011, and used cash in operations of $5.3 million for the nine months ended September 30, 2011 and $5.1 million for the nine months ended September 30, 2010.&#160;&#160;Working capital requirements are seasonally less in the second half of the year as proceeds from the Company&#8217;s agricultural operations are realized.&#160;&#160;Currently, the Company's sole focus is the development of its land and water assets.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In June 2006, the Company raised $36.4 million through the private placement of a five year zero coupon convertible term loan with Peloton Partners LLP (&#8220;Peloton&#8221;), as administrative agent, and an affiliate of Peloton and another investor, as lenders (the &#8220;Term Loan&#8221;).&#160;&#160;The proceeds of the new term loan were partially used to repay the Company&#8217;s prior term loan facility with ING Capital LLC (&#8220;ING&#8221;).&#160;&#160;On April 16, 2008, the Company was advised that Peloton&#8217;s interest in the Term Loan had been assigned to an affiliate of Lampe, Conway &amp; Company LLC (&#8220;Lampe Conway&#8221;), and Lampe Conway subsequently replaced Peloton as administrative agent of the loan.&#160;&#160;On June 4, 2009, the Company completed arrangements to amend the Term Loan and extend its maturity to June of 2013.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On October 19, 2010, the Company closed a new $10 million working capital facility with the same existing lenders.&#160;&#160;A total of $7 million was drawn during the term of this facility.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In November and December 2008, the Company raised $5.2 million with a private placement of 165,000 Units at $31.50 per unit.&#160;&#160;Each unit consisted of three (3) shares of the Company&#8217;s common stock and two (2) stock purchase warrants.&#160;&#160;The first warrant entitled the holder to purchase one (1) share of common stock at an exercise price of $12.50 per share.&#160;&#160;On November 17, 2009, the exercise price of this Callable Warrant was temporarily reduced to $10.50 per share.&#160;&#160;In response, holders of 162,849 warrants exercised their warrants, resulting in the Company's issuance of 162,849 shares of common stock with net proceeds of $1,709,915.&#160;&#160;The remaining 2,151 warrants were cancelled.&#160;&#160;The second warrant entitles the holder to purchase one (1) share of common stock at an exercise price of $12.50 per share.&#160;&#160;This warrant has a term of three years and is not callable by the Company.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In October and November 2009, the Company raised $7.1 million with a private placement of 226,200 Units at $31.50 per Unit.&#160;&#160;This included 20,880 Units purchased by the Lenders of the Term Loan pursuant to the Lenders&#8217; Participation Rights under the Term Loan.&#160;&#160;Each Unit consists of three (3) shares of the Company&#8217;s common stock and one (1) stock purchase warrant.&#160;&#160;The warrant entitles the holder to purchase one (1) share of common stock at an exercise price of $15.00 per share.&#160;&#160;The warrant has a term of three (3) years, but is callable by the Company at any time following November 1, 2010, if the closing market price of the Company&#8217;s common stock exceeds $22.50 for 10 consecutive trading days.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In June 2011, the Company filed a shelf registration statement on Form S-3 registering the sale of up to $50 million of the Company&#8217;s common stock in one or more public offerings.&#160;&#160;The registration statement was declared effective on June 10, 2011.&#160;&#160;On July 8, 2011, the Company raised $4.0 million with the sale of 363,636 shares at $11.00 per share by way of a takedown from this shelf registration.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company&#8217;s current resources do not provide the capital necessary to fund its implementation of the Cadiz Valley Water Conservation, Recovery and Storage Project (&#8220;Water Project&#8221;) should the Company be required to do so.&#160;&#160;There is no assurance that additional financing (public or private) will be available on acceptable terms or at all.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the Company issues additional equity or equity linked securities to raise funds, the ownership percentage of the Company&#8217;s existing stockholders would be reduced.&#160;&#160;New investors may demand rights, preferences or privileges senior to those of existing holders of common stock.&#160;&#160;If the Company cannot raise needed funds, it might be forced to make substantial reductions in its operating expenses, which could adversely affect its ability to implement its current business plan and ultimately its viability as a company.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based upon the Company&#8217;s current and anticipated usage of cash resources, it will require additional working capital commencing during the second quarter of fiscal 2012 to meet its cash resource needs from that point forward and to continue to finance its operations until such time as its asset development programs produce revenues.&#160;&#160;If the Company is unable to generate cash from its current development activities, then it will need to seek additional debt or equity financing in the capital markets.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principles of Consolidation</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In December 2003, the Company transferred substantially all of its assets (with the exception of certain office furniture and equipment and any Sun World related assets) to Cadiz Real Estate LLC, a Delaware limited liability company (&#8220;Cadiz Real Estate&#8221;).&#160;&#160;The Company holds 100% of the equity interests of Cadiz Real Estate, and therefore, continues to hold 100% beneficial ownership of the properties that it transferred to Cadiz Real Estate.&#160;&#160;Because the transfer of the Company&#8217;s properties to Cadiz Real Estate has no effect on its ultimate beneficial ownership of these properties, the properties owned of record either by Cadiz Real Estate or by the Company are treated as belonging to the Company.&#160;&#160;Cadiz Real Estate is consolidated in these financial statements.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash and Cash Equivalents</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company considers all short-term deposits with an original maturity of three months or less to be cash equivalents.&#160;&#160;The Company invests its excess cash in deposits with major international banks, government agency notes and short-term commercial paper, and therefore, bears minimal risk.&#160;&#160;Such investments are stated at cost, which approximates fair value, and are considered cash equivalents for purposes of reporting cash flows.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Short-Term Investments</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Company considers all short-term deposits with an original maturity greater than three months, but no greater than one year, to be short-term investments.&#160;&#160;The Company had no short-term investments at September 30, 2011, or December 31, 2010.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplemental Cash Flow Information</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>No cash payments, including interest, are due on the loan with Lampe Conway prior to the June 29, 2013, final maturity date.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Company recorded non-cash additions to fixed assets of $676,000 at September 30, 2011, and $1,276,000 at December 31, 2010, which were accrued at the respective period ends, for the costs directly attributable to the development of the Water Project.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In December 2010, the Financial Accounting Standards Board issued Accounting Standards Update 2010-28, an accounting pronouncement related to Accounting Standards Codification Topic 350, <font style="FONT-STYLE: italic; DISPLAY: inline">Intangibles &#8211; Goodwill and Other</font>, which requires a company to consider whether there are any adverse qualitative factors indicating that an impairment may exist in performing step 2 of the impairment test for reporting units with zero or negative carrying amounts.&#160;&#160;The provisions of this pronouncement are effective for fiscal years, and interim periods within those fiscal years, beginning December 15, 2010.&#160;&#160;The Company adopted this pronouncement on January 1, 2011.&#160;&#160;The adoption of this pronouncement has no impact on the Company&#8217;s financial position and results of operations.</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>
</div>

<div id="HDR"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160; In September&#160;2011, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No.&#160;2011-08, <font style="FONT-STYLE: italic; DISPLAY: inline">Testing Goodwill for Impairment</font>. This ASU permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit&#8217;s fair value is less than its carrying amount before applying the two-step goodwill impairment test. If an entity concludes it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then there is no need to perform the two-step impairment test. This ASU is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December&#160;15, 2011. Early adoption is permitted.&#160;&#160;The Company expects to adopt this pronouncement in the fourth quarter of 2011.&#160;&#160;The Company believes that the adoption of the ASU will not have a material impact on the Company&#8217;s consolidated financial statements, as it is intended to simplify the assessment for goodwill impairment.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTE 2 - PROPERTY, PLANT, EQUIPMENT AND WATER PROGRAMS</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Property, plant, equipment and water programs consist of the following (in thousands):</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%">
<div align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">September 30,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%">
<div align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
<div align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">2011</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
<div align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">2010</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Land and land improvements</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,188</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,680</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water programs</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,780</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,496</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Buildings</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,187</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,180</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Leasehold improvements</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">570</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">570</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Furniture and fixtures</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">442</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">442</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Machinery and equipment</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">978</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">950</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Construction in progress</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">116</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">163</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">45,261</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42,481</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less accumulated depreciation</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,439 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,166 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40,822</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,315</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Depreciation expense totaled $92,000 for the three months ended September 30, 2011, and $81,000 for the three months ended September 30, 2010.&#160;&#160;Depreciation expense totaled $273,000 and $263,000 for the nine months ended September 30, 2011 and 2010, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTE 3 &#8211; LONG-TERM DEBT</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The carrying value of the Company's debt, before discount, approximates fair value, based on interest rates available to the Company for debt with similar terms.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;At September 30, 2011, and December 31, 2010, the carrying amount of the Company&#8217;s outstanding debt is summarized as follows (in thousands):</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">September 30,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="3" valign="bottom" width="17%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31,</font></div>
</td>
</tr><tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">2011</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="3" valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">2010</font></font></div>
</td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="3" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Zero coupon secured convertible term loan due June 29, 2013.</font></div>

<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest accruing at 5% per annum until June 29, 2009 and at 6%</font></div>

<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">thereafter</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">55,817</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51,412</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other loans</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Debt discount, net of accumulated accretion</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5,300 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(7,013</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,525</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,419</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="64%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Less current portion</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="15%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="64%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,517</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="15%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,403</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the Company&#8217;s loan agreements, annual maturities of long-term debt outstanding on September 30, 2011, are as follows:</font></div>

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</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="50%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="75%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12 Months</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ending September 30</font></div>
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<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="23%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.45pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(in thousands)</font></div>
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<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="75%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="22%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="22%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">55,817</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="75%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2014</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="75%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="22%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">55,825</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In June 2006, the Company entered into a $36.4 million five year zero coupon convertible term loan with Peloton Partners LLP, as administrative agent for the loan, and with an affiliate of Peloton and another investor, as lenders.&#160;&#160;Certain terms of the loan were subsequently amended pursuant to Amendment #1 to the Credit Agreement, which was effective September 2006.&#160;&#160;On April 16, 2008, the Company was advised that Peloton had assigned its interest in the loan to an affiliate of Lampe Conway &amp; Company LLC (&#8220;Lampe Conway&#8221;), and Lampe Conway subsequently replace Peloton as administrative agent of the loan (the &#8220;Term Loan&#8221;).&#160;&#160;On June 4, 2009, the Company completed arrangements to amend the Term Loan with Lampe Conway which modified certain of the conversion features and extended the maturity date to June 29, 2013.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On October 19, 2010 (&#8220;Closing Date&#8221;), the Company entered into a new $10 million working capital facility with Lampe Conway and other participating lenders (&#8220;the Lenders&#8221;).&#160;&#160;The Company drew the first $5 million on the Closing Date (&#8220;First Tranche&#8221;).&#160;&#160;The Company was also granted the option to draw up to an additional $5 million over the 12 months following the Closing Date (&#8220;Second Tranche&#8221;), of which $2 million was drawn on June 30, 2011. No further draws were made on this new facility prior to its expiration.&#160;&#160;All interest on outstanding balances accrue at 6%, with no principal or interest payments required before the new facility&#8217;s June 29, 2013 maturity date, consistent with the Company&#8217;s existing term debt facility.&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The First Tranche (including accrued interest) is convertible at any time into the Company&#8217;s common stock at a price of $13.50 per share and the Second Tranche (including accrued interest) is convertible into the Company&#8217;s common stock at $12.50 per share.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Also on the Closing Date, the Company&#8217;s existing Term Loan with the Lenders was modified as to certain of its conversion features:</font></div>

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<div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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<td style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">$20.62 million of the existing convertible debt has been changed to allow for up to $2.5 million of this amount to be converted at any time into the Company&#8217;s common stock at the price of $13.50 per share, with the remaining amount becoming non-convertible. </font></div>
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<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the Second Tranche were to be drawn in full, approximately $20 million of additional existing debt would be changed to allow for up to $5 million of this amount to be converted at any time into the Company&#8217;s common stock at $12.50 per share, with the remaining amount becoming non-convertible. </font></div>
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</div>

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</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The final $4.55 million of the existing debt continues to be convertible at $7 per share.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On June 30, 2011, $2 million of the $5 million available Second Tranche was drawn.&#160;&#160;As a result of the Second Tranche draw, $4 million of the outstanding loan became convertible into 320,000 shares of Cadiz common stock.&#160;&#160;Further, approximately $10 million of the loan that was previously convertible into approximately 290,000 shares of Cadiz common stock is no longer convertible.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160; The Term Loan is collateralized by substantially all of the assets of the Company, and contains representations, warranties and covenants that are typical for agreements of this type, including restrictions that would limit the Company&#8217;s ability to incur additional indebtedness, incur liens, pay dividends or make restricted payments, dispose of assets, make investments and merge or consolidate with another person.&#160;&#160;However, while there are affirmative covenants, there are no financial maintenance covenants and no restrictions on the Company&#8217;s ability to issue additional common stock to fund future working capital needs.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As a result of the modifications of the convertible debt arrangements in June 2009 and October 2010, the change in conversion value between the original and modified instrument totaling approximately $3.2 million was recorded as additional debt discount with an offsetting amount recorded as additional paid-in capital.&#160;&#160;Such debt discount is accreted to the redemption value of the instrument over the remaining term of the loan as additional interest expense.&#160;&#160;In connection with the modification transaction in October 2010, the Company recorded a derivative liability related to the conversion option.&#160;&#160;The fair value of the derivative liability was marked-to-market at the end of each reporting period and recorded as other income (expense).&#160;&#160;On July 25, 2011, the Company entered into an amendment to the facility eliminating the availability to the Company of the unused $3 million portion of the facility.&#160;&#160;As a result, the conversion option related to the unused portion of the facility no longer exists and a derivative liability is no longer being recorded.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTE 4 &#8211; COMMON STOCK</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In October 2007, the Company agreed to the conditional issuance of up to 300,000 shares to the former sole shareholder and successor in interest to Exploration Research Associates, Inc. (&#8220;ERA&#8221;), who is now an employee of the Company.&#160;&#160;The agreement settled certain claims by ERA against the Company and provided that the 300,000 shares will be issued if and when certain significant milestones in the development of the Company&#8217;s properties are achieved.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In November 2008, the Company entered into an agreement with the law firm of Brownstein Hyatt Farber Schreck LLP to provide legal and advisory services.&#160;&#160;The primary services being provided are advising the Company as to the&#160;Water&#160;Project design and implementation, permit approvals, environmental compliance, negotiation and drafting of agreements related to the Water Project.&#160;&#160;The agreement provides for interim payments due upon completion of specified milestones with respect to the Water Project, with the fee payable in cash and/or stock.&#160;&#160;The first such milestone was satisfied on June 4, 2009, resulting in an obligation by the Company to pay a fee of $500,000, for which the parties agreed to payment in the form of 59,312 shares of the Company&#8217;s common stock valued at $8.43 per share, reflecting the fair market value of the stock on June 4, 2009.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In June 2011, the Company filed a shelf registration statement on Form S-3 registering the sale of up to $50 million of the Company&#8217;s common stock in one or more public offerings.&#160;&#160;The registration statement was declared effective on June 10, 2011.&#160;&#160;On July 8, 2011, the Company raised $4.0 million with the sale of 363,636 shares at $11.00 per share by way of a takedown from this shelf registration.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTE 5 &#8211; STOCK-BASED COMPENSATION PLANS AND WARRANTS</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company has issued options and has granted stock awards pursuant to its 2003 Management Equity Incentive Plan, 2007 Management Equity Incentive Plan, and 2009 Equity Incentive Plan.&#160;&#160;The Company has also granted stock awards pursuant to its Outside Director Compensation Plan.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">2003 Management Equity Incentive Plan</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In December 2003, concurrently with the completion of the Company&#8217;s then current financing arrangements with ING, the Company&#8217;s board of directors authorized the adoption of a Management Equity Incentive Plan.&#160;&#160;Under the Incentive Plan, a total of 1,472,051 shares of common stock and common stock options were granted to key personnel.&#160;&#160;As of September 30, 2011, a total of 315,000 common stock options remain outstanding under this plan.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outside Director Compensation Plan</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Cadiz Inc. Outside Director Compensation Plan was approved by Cadiz shareholders in November 2006.&#160;&#160;Under the plan, each outside director receives $30,000 of cash compensation and receives a deferred stock award consisting of shares of the Company&#8217;s common stock with a value equal to $20,000 on June 30th of each year.&#160;&#160;The award accrues on a quarterly basis, with $7,500 of cash compensation and $5,000 of stock earned for each fiscal quarter in which a director serves.&#160;&#160;The deferred stock award vests automatically on the January 31<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">st</font> which first follows the award date.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2007 Management Equity Incentive Plan</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The 2007 Management Equity Incentive Plan was approved by stockholders at the 2007 Annual Meeting.&#160;&#160;The plan provides for the grant and issuance of up to 1,050,000 shares and options to the Company&#8217;s employees and consultants.&#160;&#160;The plan became effective when the Company filed a registration statement on Form S-8 on July 25, 2007.&#160;&#160;As of September 30, 2011, a total of 10,000 common stock options remain outstanding under this plan.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2009 Equity Incentive Plan</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The 2009 Equity Incentive Plan was approved by stockholders at the 2009 Annual Meeting.&#160;&#160;The plan provides for the grant and issuance of up to 850,000 shares and options to the Company&#8217;s employees and consultants.&#160;&#160;The plan became effective when the Company filed a registration statement on Form S-8 on December 18, 2009.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In January and February 2010, the Company granted a total of 402,500 options for the purchase of one share of common stock under the 2009 Equity Incentive Plan.&#160;&#160;These options have strike prices that are at or slightly above the fair market value of the Company&#8217;s common stock on the date that the grants became effective.&#160;&#160;In February 2011, the Company granted 20,000 options for purchase of one share of common stock at a price of $12.60 under the 2009 Equity Incentive Plan.&#160;&#160;In April 2011, the Company granted 100,000 options for purchase of one share of common stock at a price of $12.51 under the 2009 Equity Incentive Plan.&#160;&#160;All options under the 2009 Equity Incentive Plan have a ten year term with vesting periods ranging from issuance date to 24 months, and all remained outstanding as of September 30, 2011.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All options that have been issued under the above plans have been issued to officers and employees of the Company.&#160;&#160;In total, options to purchase 847,500 shares were unexercised and outstanding on September 30, 2011, under the three equity incentive plans.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company recognized stock option related compensation costs of $964,000 and $1,853,000 in the nine months ended September 30, 2011 and 2010, respectively.&#160;&#160;On September 30, 2011, there was $534,000 of unamortized compensation expense relating to option awards.&#160;&#160;This unamortized compensation expense is expected to be recognized through April 2013.&#160;&#160;No options were exercised during the nine months ended September 30, 2011.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company has granted stock awards pursuant to its 2007 Management Equity Incentive Plan, 2009 Equity Incentive Plan and Outside Director Compensation Plan.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Of the total 1,050,000 shares reserved under the 2007 Management Equity Incentive Plan, a grant of 950,000 shares became effective on July 25, 2007.&#160;&#160;The grant consisted of two separate awards.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;A 150,000 share award, that vested in three equal installments on January 1, 2008, January 1, 2009, and January 1, 2010.&#160;&#160;150,000 shares have been issued pursuant to this award as of January 2010; and</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Of the remaining 100,000 shares reserved under the 2007 Management Equity Incentive Plan, 10,000 were issued as options as described above and 90,000 were issued as shares that vested in May 2009 consistent with the terms of the agreements pursuant to which those executives provide services to the Company.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Of the total 850,000 shares reserved under the 2009 Equity Incentive Plan, a grant of 115,000 restricted shares of common stock became effective on January 14, 2010, and a grant of 140,000 restricted shares of common stock became effective on January 10, 2011, consistent with the terms of the agreements pursuant to which those executives provide services to the Company and which contemplate that such executives will participate in the Company&#8217;s long-term incentive plans.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;The recipients of these restricted shares have a contractual agreement not to sell any of these shares for a period of three years following the effective date.&#160;&#160;Of the remaining 595,000 shares reserved under the 2009 Equity Incentive Plan, 522,500 were issued as options as described above and 72,500 are available for future distribution as of September 30, 2011.</font><br>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the Outside Director Compensation Plan, 48,571 shares have been awarded for the plan years ended June 30, 2006, through June 30, 2011.&#160;&#160;Of the 48,571 shares awarded, 39,151 shares have vested and been issued.&#160;&#160;The remaining shares will vest on January 31, 2012.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company recognized stock based compensation costs related to stock based awards of $1,105,000 and $1,298,000 in the nine months ended September 30, 2011 and 2010, respectively.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A private placement was completed by the Company in November and December of 2008 of 165,000 Units at the price of $31.50 per unit for proceeds of $5,197,500.&#160;&#160;Each Unit consists of three (3) shares of the Company&#8217;s common stock and two (2) common stock purchase warrants.&#160;&#160;The first warrant entitled the holder to purchase one (1) share of common stock at an exercise price of $12.50 per share.&#160;&#160;On November 17, 2009, the exercise price of this Callable Warrant was temporarily reduced to $10.50 per share.&#160;&#160;In response, holders of 162,849 warrants exercised their warrants, resulting in the Company's issuance of 162,849 shares of common stock with net proceeds of $1,709,915.&#160;&#160;The remaining 2,151 warrants were cancelled.&#160;&#160;The second warrant entitles the holder to purchase one (1) share of common stock at an exercise price of $12.50 per share.&#160;&#160;This warrant has a term of three years and is not callable by the Company.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In October and November 2009, the Company raised $7.1 million with a private placement of 226,200 Units at $31.50 per Unit.&#160;&#160;This includes 20,880 Units purchased by the Lenders of the Term Loan pursuant to the Lenders&#8217; Participation Rights under the Term Loan.&#160;&#160;Each Unit consists of three (3) shares of the Company&#8217;s common stock and one (1) stock purchase warrant.&#160;&#160;The warrant entitles the holder to purchase one (1) share of common stock at an exercise price of $15.00 per share.&#160;&#160;The warrant has a term of three (3) years, but is callable by the Company at any time following November 1, 2010, if the closing market price of the Company&#8217;s common stock exceeds $22.50 for 10 consecutive trading days.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">391,200 warrants remain outstanding as of September 30, 2011.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTE 6 &#8211; INCOME TAXES</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of September 30, 2011, the Company had net operating loss (&#8220;NOL&#8221;) carryforwards of approximately $114 million for federal income tax purposes and $71 million for California state income tax purposes.&#160;&#160;Such carryforwards expire in varying amounts through the year 2031.&#160;&#160;Use of the carryforward amounts is subject to an annual limitation as a result of ownership changes.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition, on August 26, 2005, a Settlement Agreement between Cadiz, on one hand, and Sun World and three of Sun World&#8217;s subsidiaries, on the other hand, was approved by the U.S. Bankruptcy Court, concurrently with the Court&#8217;s confirmation of the amended Plan.&#160;&#160;The Settlement Agreement provides that following the September 6, 2005, effective date of Sun World&#8217;s plan of reorganization, Cadiz will retain the right to utilize the Sun World net operating loss carryovers (&#8220;NOLs&#8221;).&#160;&#160;Sun World Federal NOLs are estimated to be approximately $58 million.&#160;&#160;If, in any year from calendar year 2005 through calendar year 2011, the utilization of such NOLs results in a reduction of Cadiz&#8217; tax liability for such year, then Cadiz will pay to the Sun World bankruptcy estate 25% of the amount of such reduction, and shall retain the remaining 75% for its own benefit.&#160;&#160;There is no requirement that Cadiz utilize these NOLs during this reimbursement period, or provide any reimbursement to the Sun World bankruptcy estate for any NOLs used by Cadiz after this reimbursement period expires.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of September 30, 2011, the Company possessed unrecognized tax benefits totaling approximately $3.3 million.&#160;&#160;None of these, if recognized, would affect the Company's effective tax rate because the Company has recorded a full valuation allowance against these assets.&#160;&#160;Additionally, as of that date the Company had approximately $321,000 that was previously accrued for state taxes, interest and penalties related to income tax positions in prior returns.&#160;&#160;Income tax penalties and interest are classified as general and administrative expenses.&#160;&#160;The Company was not subject to any income tax penalties or interest during the nine months ended September 30, 2011.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company does not expect that the unrecognized tax benefits will significantly increase or decrease in the next 12 months.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company's tax years 2008 through 2010 remain subject to examination by the Internal Revenue Service, and tax years 2007 through 2010 remain subject to examination by California tax jurisdictions.&#160;&#160;In addition, the Company's loss carryforward amounts are generally subject to examination and adjustment for a period of three years for federal tax purposes and four years for California purposes, beginning when such carryovers are utilized to reduce taxes in a future tax year.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Because it is more likely than not that the Company will not realize its net deferred tax assets, it has recorded a full valuation allowance against these assets.&#160;&#160;Accordingly, no deferred tax asset has been reflected in the accompanying balance sheet.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Basic earnings per share (EPS) is computed by dividing the net loss, after deduction for preferred dividends either accrued or imputed, if any, by the weighted-average common shares outstanding.&#160;&#160;Options, deferred stock units, warrants and convertible debt were not considered in the computation of diluted EPS because their inclusion would have been antidilutive.&#160;&#160;Had these instruments been included, the fully diluted weighted average shares outstanding would have increased by approximately 2,852,000 and 2,714,000 for the three months ended September 30, 2011 and 2010, respectively, and 2,778,000 and 2,507,000 for the nine months ended September 30, 2011 and 2010, respectively.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the following discussion contains trend analysis and other forward-looking statements.&#160;&#160;Forward-looking statements can be identified by the use of words such as "intends", "anticipates", "believes", "estimates", "projects", "forecasts", "expects", "plans" and "proposes".&#160;&#160;Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements.&#160;&#160;These include, among others, our ability to maximize value from our Cadiz, California land and water resources; and our ability to obtain new financings as needed to meet our ongoing working capital needs.&#160;&#160;See additional discussion under the heading &#8220;Risk Factors&#8221; in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2010.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Overview</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our primary asset consists of 45,000 acres of land located in three areas of eastern San Bernardino County, California.&#160;&#160;Virtually all of this land is underlain by high-quality, naturally recharging groundwater resources, and is situated in proximity to the Colorado River and the Colorado River Aqueduct, a major source of imported water for Southern California.&#160;&#160;Our main objective is to realize the highest and best use of these land and water resources in an environmentally responsible way.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For more than 20 years, we have maintained an agricultural development at our property in the Cadiz Valley, relying upon groundwater from the underlying aquifer system for irrigation. In 1993, we secured permits for agricultural production on up to 9,600 acres of our 35,000 acre Cadiz Valley property and the withdrawal of more than one million acre-feet of groundwater from the aquifer system. Since that time, we have maintained various levels of agricultural development at the property and this development has provided our principal source of revenue.&#160;&#160;Although sustainable agricultural development is an important and enduring component of our business, we believe that the long-term value of our assets can best be derived through the development of water supply and storage projects at our properties.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The primary factors that drive the value of water supply and storage projects are continued population growth and sustained pressure on water supplies throughout California, including environmental restrictions and regulatory shortages on each of the State&#8217;s three primary water sources: the State Water Project, the Colorado River and the Los Angeles Aqueduct.&#160;&#160;Availability of supplies in California also differs greatly from year to year due to natural hydrological variability.&#160;&#160;For example, a historic drought from 2007 &#8211; 2009 was followed by above-average rainfall in 2010 and average rainfall thus far in 2011. Southern California&#8217;s water providers rely on imported sources for a majority of their water supplies.&#160;With the region&#8217;s population expected to continue to expand, Southern California water providers are presently seeking new, reliable supply solutions to account for anticipated fluctuations in traditional supplies and to plan for long-term water needs.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At present, our development efforts are primarily focused on the Cadiz Valley Water Conservation, Recovery and Storage Project (&#8220;Water Project&#8221;), which proposes to capture and conserve millions of acre-feet of native groundwater currently being lost to evaporation from the aquifer system beneath our Cadiz Valley property and deliver it to water providers throughout Southern California (see &#8220;Water Resource Development&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">.&#160;&#160;</font>We believe that the ultimate implementation of this Water Project will create the primary source of our future cash flow and, accordingly, our working capital requirements relate largely to the development activities associated with this Water Project.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Additionally, in September 2011, we entered into two separate option agreements giving us the right, but not the obligation, to purchase over 300 miles of existing underground natural gas pipelines (see &#8220;Other Development Opportunities&#8221;). We are currently exploring the feasibility of converting the pipelines for water transmission and utilizing these lines to transport water between various markets in the region. If feasible, these pipelines would create opportunities to move water in addition to that provided by the Water Project.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Further, we continue to pursue other additional uses of our land and water resource assets, including solar energy development.&#160;&#160;Opportunities in the solar energy production market are being driven by a series of policy initiatives issued by the State of California and the United States government.&#160;&#160;This includes California&#8217;s mandate to acquire 33% of the state&#8217;s electricity from renewable sources by 2020 and federal efforts to accelerate the development of renewable energy and energy transmission projects in the Mojave Desert.&#160;&#160;Energy companies, government agencies and environmental organizations are engaged in efforts to identify suitable locations for solar energy development to meet future energy needs and are encouraging development on private lands.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We plan to continue our current development efforts and also pursue strategic investments in complementary business or infrastructure to meet our objectives. We cannot predict with certainty when or if these objectives will be realized.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Water Resource Development</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Water Project proposes to capture, conserve and store groundwater beneath our Cadiz Valley property that would otherwise be lost to evaporation from nearby dry lakes and deliver it via a buried conveyance pipeline to the Colorado River Aqueduct for further delivery throughout Southern California.&#160;&#160;Through the active management of the aquifer system, the Project will create a reliable and sustainable water supply for Project participants. The Water Project is being designed, constructed and operated in accordance with established groundwater management principles to maximize the reasonable and beneficial use of groundwater and avoid harm to the aquifer system, surrounding desert environment or other consumptive users.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In general, several elements are needed to complete such a project: (1) a pipeline from the Water Project area to the existing water distribution system; (2) storage and supply agreements with one or more public water agencies or private water utilities; (3) environmental permits; and (4) construction and working capital financing.&#160;&#160;As described below, the first three elements have progressed on a concurrent basis.&#160;&#160;The fourth is dependent on actions arising from the completion of the first three.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In September 2008, we secured a right-of-way for the Water Project&#8217;s water conveyance pipeline by entering into a lease agreement with the Arizona &amp; California Railroad Company.&#160;&#160;The agreement allows for the use of a portion of the railroad&#8217;s right-of-way to construct and operate a water conveyance pipeline for a period up to 99 years. The pipeline would be used to convey water between our Cadiz Valley property and the Colorado River Aqueduct (CRA).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">The Company is also exploring the potential to utilize one or more of the unused natural gas pipelines (as described in &#8220;Overview&#8221; above) that exist in the Project area as a means to access additional distribution systems.</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In June 2010, we entered into option and environmental cost sharing agreements with three water providers: Santa Margarita Water District (&#8220;Santa Margarita&#8221;), Golden State Water Company (a wholly-owned subsidiary of American States Water [NYSE: AWR]), and Three Valleys Municipal Water District.&#160;&#160;The three water providers serve more than one million customers in cities throughout California&#8217;s San Bernardino, Riverside, Los Angeles, Orange and Ventura Counties.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In September 2010, we entered into option and environmental cost sharing agreements with Suburban Water Systems, a wholly-owned subsidiary of SouthWest Water Company.&#160;&#160;Suburban Water Systems provides water to a population of approximately 300,000 people in a 42-square-mile service area across California's Los Angeles and Orange counties.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In May 2011, we entered into an option agreement with Jurupa Community Services District (&#8220;JCSD&#8221;).&#160;&#160;JCSD provides water and sewer services in a 48-square mile service area located in an unincorporated portion of western Riverside County, California.</font><br>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under the terms of the option agreements with the five water providers, upon completion of the Water Project&#8217;s California Environmental Quality Act (&#8220;CEQA&#8221;) review, each agency will have the right to acquire an annual supply of 5,000 acre-feet of water at a pre-determined formula competitive with their incremental cost of new water.&#160;&#160;SMWD also has the option to purchase an additional 10,000 acre-feet of water per year.&#160;&#160;The agencies also have options to acquire carry-over storage rights in the Water Project to allow them to manage their supplies in complement with their other water resources.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In order to properly develop and quantify the sustainability of the Water Project, and prior to initiating the formal permitting process for the Water Project, we commissioned internationally recognized environmental consulting firm CH2M HILL to complete a comprehensive study of the water resources at the Project area.&#160;&#160;Following a year of analysis, CH2M HILL released its study of the aquifer system in February 2010. Utilizing new models produced by the U.S. Geological Survey in 2006 and 2008, the study estimated the total groundwater in storage in the aquifer system to be between 17 and 34 million acre-feet, a quantity on par with Lake Mead, the nation&#8217;s largest surface reservoir.&#160;&#160;The study also identified a renewable annual supply of native groundwater in the aquifer system currently being lost to evaporation. CH2M HILL&#8217;s findings, which were peer reviewed by leading groundwater experts, confirmed that the aquifer system could sustainably support the Water Project.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Further, and also prior to beginning the formal environmental permitting process, we entered into a Memorandum of Understanding with the Natural Heritage Institute (&#8220;NHI&#8221;), a leading global environmental organization committed to protecting aquatic ecosystems. As part of this &#8220;Green Compact&#8221;, NHI will assist with our efforts to sustainably manage the development of our Cadiz Valley property and we will follow stringent plans for groundwater management and habitat conservation and create a groundwater monitoring plan for the Water Project.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160; As discussed in (2), above, we entered into environmental cost sharing agreements with all participating water providers. The environmental cost sharing agreements created a framework for funds to be committed by each participant to share in the costs associated with the CEQA review work. SMWD is serving as the lead agency for the review process. In July 2010, ESA Associates, a leading environmental consulting firm, was retained to prepare the Water Project&#8217;s formal CEQA documentation.&#160;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Notice of Preparation (NOP) of a Draft Environmental Impact Report (DEIR) formally commencing the public portion of the CEQA process was issued in February 2011 by SMWD, and a 30-day scoping comment period was initiated at that time. Two public scoping meetings were held in March 2011.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In April 2011, a 12-member Groundwater Stewardship Committee (GSC) comprised of leading national groundwater experts was formed by SMWD and other project participants, including the Company, to review historical and recently collected field data and modeling work and provide advice and recommendations for the Water Project&#8217;s proposed operating plan and monitoring program. Members of the GSC were drawn from various sectors and include individuals from regulatory institutions, non-governmental organizations, academia, and the professional groundwater industry, all with extensive experience on similar projects.&#160;In October 2011, the GSC issued its findings and recommendations to SMWD as part of the ongoing CEQA process. After an extensive review of all available technical studies, the GSC concluded that the Project could be implemented without harming the environment. The panel recommended the inclusion of a state-of-the-art groundwater protection program as added assurance to the community of its findings. The work of the GSC will be incorporated into the DEIR document, which is expected to be released for public review and comment in the coming weeks.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Once the environmental review is concluded, we expect that we will complete economic agreements with the Water Project participants and make arrangements for the construction phase of the Water Project.&#160;&#160;Construction would consist of wellfield facilities at our Cadiz Valley property and a conveyance pipeline extending approximately 43 miles along the right-of-way described in (1), above, from the wellfield to the Colorado River Aqueduct.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Should the Water Project ultimately include any of the existing natural gas pipelines which are subject to our option rights, then we will also incur costs associated with the exercise of these options and the conversion of the pipelines (see &#8220;Other Development Opportunities&#8221;).</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Agricultural Development</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Within the Cadiz Valley property, 9,600 acres have been zoned for agriculture.&#160;&#160;The infrastructure includes seven wells that are interconnected within this acreage, with total annual production capacity of approximately 13,000 acre-feet of water.&#160;&#160;Additionally, there are housing and kitchen facilities that support up to 300 employees associated with the agricultural operations.&#160;&#160;The underlying groundwater, fertile soil, and desert temperatures are well suited for a wide variety of fruits and vegetables.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Permanent crops currently in commercial production include 160 acres of vineyards of certified-organic, dried-on-the-vine raisins and 260 acres of lemons.&#160;&#160;Both of these crops are farmed using sustainable agricultural practices.&#160;&#160;Seasonal vegetable crops in production include squash and beans.&#160;&#160;All seasonal vegetable crops are grown organically.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We currently derive our agricultural revenues through the sale of our products in bulk or through independent packing facilities.&#160;&#160;We incur all of the costs necessary to produce and harvest our organic raisin crop.&#160;&#160;These raisins are then sold in bulk to a raisin processing facility.&#160;&#160;We also incur all of the costs necessary to produce our lemon crop.&#160;&#160;Once harvested, the lemons are shipped in bulk to a packing and sales facility.&#160;&#160;In 2009, we entered into a lease agreement with a third party to develop up to an additional 500 acres of lemon orchards, 110 acres of which have been planted to date.&#160;&#160;We expect to receive lease income once the new lemon orchards reach commercial production through a profit sharing agreement within the lease.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Although we plan to maintain our agricultural development, revenues will continue to vary from year to year based on acres in development, crop yields, and prices.&#160;&#160;Further, we do not believe that our agricultural revenues are likely to be material to our overall results of operations once we begin to receive revenues from the Water Project.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As described above (see &#8220;Overview&#8221;), we are currently evaluating the feasibility of converting existing idle natural gas pipelines for the transportation of water, either exclusively for the distribution of third party water or, in certain segments, in conjunction with the Water Project. In September 2011, we entered into two separate option agreements to purchase over 300 miles of existing underground natural gas pipelines. These two agreements, with unrelated parties, provide us with option terms that expire in April and December of 2012 to perform due diligence and determine the feasibility of water transportation uses.&#160;&#160;If both purchase options are exercised they would require payments totaling $50 million.&#160;&#160;Should conversion prove feasible, then upon conversion the pipelines are expected to have a combined average capacity to distribute up to 40,000 acre-feet of water per year in markets that currently lack multiple pick-up and delivery water distribution segments. Specific segments that may be used in conjunction with the Water Project will be further evaluated in its environmental documents.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Currently, the vast majority of potential water transfers in Southern California are difficult to implement because of location or the lack of space available in the existing distribution system, thereby creating a demand for additional water transfer capacity.&#160;&#160;If we are ultimately able to utilize the natural gas pipelines to provide new water transmission lines in key markets, we intend to access existing demand for water transfers and allow agencies to do so outside of the few existing systems.&#160;&#160;Further, we believe a conversion of the pipelines for water transfer use, if feasible, will allow remote water supplies to reach the urban market and could also help link Southern California groundwater systems that have been historically inaccessible.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Solar Energy Production</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition to the development projects described above, we believe that our landholdings are suitable for other types of development, including solar energy production.&#160;&#160;Located in an area with strong solar irradiation, proximity to existing utility corridors, appropriate topography, and access to water supplies, our properties could provide an ideal setting for solar energy generation. Moreover, state, federal and local government entities, along with environmental organizations, have issued compelling calls to increase the production of renewable energy to reduce greenhouse gas emissions and the consumption of imported fossil fuels.&#160;&#160;Solar energy development on private land, particularly in the Mojave Desert region where our properties are located, is being encouraged as an alternative to the use of federal desert lands.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We believe that our significant, contiguous private landholdings in the Mojave Desert could provide an alternative to the use of federal lands for new solar facilities in the region.&#160;&#160;Up to 20,000 acres at our Cadiz Valley property could potentially be made available for solar energy projects.&#160;&#160;We are presently in discussions with energy companies interested in utilizing our landholdings for various types of solar energy development.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We believe that over the longer-term, the population&#160;of Southern California, Nevada, and Arizona will continue to grow, and that, in time, the economics of commercial and residential development of our properties will become attractive. Moreover, other opportunities in business or infrastructure complementary to our current objectives could become attractive and provide new opportunities for our business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We remain committed to the sustainable use of our land and water assets, and will continue to explore all opportunities for environmentally-responsible development of these assets.&#160;&#160;We cannot predict with certainty which of these various opportunities will ultimately be utilized.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Results of Operations</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Three Months Ended September 30, 2011, Compared to Three Months Ended September 30, 2010</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have not received significant revenues from our water resource and real estate development activity to date.&#160;&#160;As a result, we have historically incurred a net loss from operations.&#160;&#160;We had revenues of $121 thousand for the three months ended September 30, 2011, and $274 thousand for the three months ended September 30, 2010.&#160;&#160;We incurred a net loss of $4.1 million in the three months ended September 30, 2011, compared with a $3.2 million net loss during the three months ended September 30, 2010.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our primary expenses are our ongoing overhead costs associated with the development of the Water Project (i.e. general and administrative expense) and our interest expense.&#160;&#160;We will continue to incur non-cash expenses in connection with our management and director equity incentive compensation plans.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Revenues</font>&#160;&#160;We had revenues of $121 thousand for the three months ended September 30, 2011, and $274 thousand for the three months ended September 30, 2010.&#160;&#160;The decrease in revenue in 2011 was primarily due to a smaller raisin crop in 2011 in comparison to the 2010 raisin crop.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Cost of Sales</font>&#160;&#160;Cost of sales totaled $266 thousand for the three months ended September 30, 2011, and $256 for the three months ended September 30, 2010.&#160;&#160;The harvest for the 2011 raisin crop was smaller than the prior year, which required a higher allocation of fixed growing costs in 2011 to a smaller crop.&#160;&#160;This resulted in an increase in cost of sales for the three months ended September 30, 2011, as compared to the same period the prior year.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">General and Administrative Expenses</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>General and administrative expenses were $2.5 million during the three months ended September 30, 2011, and $2.0 million during the three months ended September 30, 2010.&#160;&#160;Non-cash compensation costs for stock and option awards are included in General and Administrative Expenses.&#160;&#160;The higher 2011 expenses were primarily due to additional legal and consulting fees related to water development efforts, and are partially offset by the lower stock based non-cash compensation costs related to options issued in 2010 under the 2009 Equity Incentive plan.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Compensation costs from stock and option awards for the three months ended September 30, 2011, were $276 thousand, compared with $478 thousand for the three months ended September 30, 2010.&#160;&#160;The expense reflects the vesting schedules of the stock and option awards under the 2009 equity incentive plan.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Other General and Administrative Expenses, exclusive of stock based compensation costs, totaled $2.2 million and $1.5 million for the three months ended September 30, 2011 and 2010, respectively.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Depreciation</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Depreciation expense totaled $92 thousand for the three months ended September 30, 2011, and $81 thousand for the three months ended September 30, 2010.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Interest Expense, net</font>&#160;&#160;Net interest expense totaled $1.5 million during the three months ended September 30, 2011, compared to $1.1 million during the same period in 2010.&#160;&#160;The following table summarizes the components of net interest expense for the two periods (in thousands):</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">2010</font></font></div>
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<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="3" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 49.5pt"></font>Interest on outstanding debt</font></div>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">843</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">689</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 49.5pt"></font>Amortization of financing costs</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 49.5pt"></font>Amortization of debt discount</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">595</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">393</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 49.5pt"></font>Interest income</font></div>
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<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font></td>
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<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,451</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,092</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>See Notes to the Consolidated Financial Statements: Note 3 &#8211; Long-term Debt.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Other Income, net</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font> Net other income for the three months ended September 30, 2011, was $52 thousand, and $0 for the three months ended September 30, 2010.&#160;&#160;The amount recorded in 2011 relates to the derivative liability associated with certain of the Term Loan&#8217;s conversion options.&#160;&#160;See Notes to the Consolidated Financial Statements:&#160;&#160;Note 3 &#8211; Long-term Debt.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Income Taxes</font>&#160;&#160;Income tax expense for the three months ended September 30, 2011, was $2 thousand, and $1 thousand for the three months ended September 30, 2010.&#160;&#160;&#160;See Notes to the Consolidated Financial Statements: Note 6 &#8211; Income Taxes.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Nine Months Ended September 30, 2011, Compared to Nine Months Ended September 30, 2010</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We had revenues of $618 thousand for the nine months ended September 30, 2011, and $281 thousand for the nine months ended September 30, 2010.&#160;&#160;We incurred a net loss of $12.1 million in the nine months ended September 30, 2011, compared with an $11.5 million net loss during the nine months ended September 30, 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Revenues</font>&#160;&#160;Cadiz had revenues of $618 thousand for the nine months ended September 30, 2011, and $281 thousand for the nine months ended September 30, 2010.&#160;&#160;The increase in revenue in 2011 was primarily due to a larger and longer 2010-2011 lemon harvest season in comparison to the 2009-2010 lemon harvest season, and is partially offset by a decrease in revenue due to a smaller raisin crop in 2011 in comparison to the 2010 raisin crop.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Cost of Sales</font>&#160;&#160;Cost of sales totaled $716 thousand during the nine months ended September 30, 2011, and $256 during the nine months ended September 30, 2010.&#160;&#160;The higher cost of sales for the nine months ended September 30, 2011, is primarily due to the higher lemon harvesting and marketing costs related to the larger size of the 2010-2011 lemon crop.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">General and Administrative Expenses</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>General and administrative expenses during the nine months ended September 30, 2011, totaled $7.7 million compared to $8.1 million for the nine months ended September 30, 2010.&#160;&#160;Non-cash compensation costs for stock and option awards are included in General and Administrative Expenses.&#160;&#160;The lower 2011 expense was primarily due to lower stock based non-cash compensation costs related to options issued in 2010 under the 2009 Equity Incentive Plan, and is partially offset by higher 2011 expenses&#160;primarily due to additional legal and consulting fees related to water development efforts.</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Compensation costs from stock and option awards for the nine months ended September 30, 2011, were $2.1 million compared with $3.2 million for the nine months ended September 30, 2010.&#160;&#160;The expense reflects the vesting schedules of the stock and option awards under the 2009 equity incentive plan.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Other General and Administrative Expenses, exclusive of stock based compensation costs, totaled $5.6 million in the nine months ended September 30, 2011, compared with $5.0 million for the nine months ended September 30, 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Depreciation</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Depreciation expense totaled $273 thousand for the nine months ended September 30, 2011, and $263 thousand for the nine months ended September 30, 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Interest Expense, net</font>&#160;&#160;Net interest expense totaled $4.2 million during the nine months ended September 30, 2011, compared to $3.2 million during the same period in 2010.&#160;&#160;The following table summarizes the components of net interest expense for the two periods (in thousands):</font></div>

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</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="70%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="7" valign="bottom" width="23%" style="TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nine Months Ended</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="7" valign="bottom" width="23%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">September 30,</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="3" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">2011</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">2010</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 49.5pt"></font>Interest on outstanding debt</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,406</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,016</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 49.5pt"></font>Amortization of financing costs</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">52</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 49.5pt"></font>Amortization of debt discount</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,713</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,133</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 49.5pt"></font>Interest income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5 </font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td>
</tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,169</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,174</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>See Notes to the Consolidated Financial Statements: Note 3 &#8211; Long-term Debt.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Other Income, net</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font> Net other income for the nine months ended September 30, 2011, was $108 thousand, and $0 for the nine months ended September 30, 2010.&#160;&#160;The amount recorded in 2011 is in connection to the derivative liability related to certain of the Term Loan&#8217;s conversion options.&#160;&#160;See Notes to the Consolidated Financial Statements:&#160;&#160;Note 3 &#8211; Long-term Debt.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Income Taxes</font>&#160;&#160;Income tax expense was $5 thousand for the nine months ended September 30, 2011, and $3 thousand for the nine months ended September 30, 2010.&#160;&#160;See Notes to the Consolidated Financial Statements: Note 6 &#8211; Income Taxes.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Liquidity and Capital Resources</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Current Financing Arrangements</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As we have not received significant revenues from our water resource, agricultural and renewable energy development activity to date, we have been required to obtain financing to bridge the gap between the time water resource and other development expenses are incurred, and the time that revenue will commence.&#160;&#160;Historically, we have addressed these needs primarily through secured debt financing arrangements, private equity placements and the exercise of outstanding stock options and warrants.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We have worked with our secured lenders to structure our debt in a way which allows us to continue our development of the Water Project and minimize the dilution of the ownership interests of common stockholders.&#160;&#160;In June 2006, we entered into a $36.4 million five year zero coupon senior secured convertible term loan with Peloton Partners LLP and another lender (the &#8220;Term Loan&#8221;).&#160;&#160;On April 16, 2008, we were advised that Peloton had assigned its interest in the Term Loan to an affiliate of Lampe Conway &amp; Company LLC (&#8220;Lampe Conway&#8221; or &#8220;Lenders&#8221;), and Lampe Conway subsequently replaced Peloton as administrative agent of the loan.&#160;&#160;On June 4, 2009, we completed arrangements to extend the maturity date of the Term Loan from June 29, 2011 to June 29, 2013 with interest continuing to accrue at 6% per annum though maturity.&#160;&#160;Further, the conversion feature was modified to allow up to $4.55 million of principal to be converted into 650,000 shares of Cadiz common stock at a conversion price of $7 per share, and the remaining principal and interest to be converted into shares of Cadiz common stock at a conversion price of $35 per share.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On October 19, 2010 (&#8220;Closing Date&#8221;), we closed a new $10 million working capital facility with our existing Lenders.&#160;&#160;Under the terms of the new $10 million facility, we drew the first $5 million on the Closing Date (&#8220;First Tranche&#8221;).&#160;&#160;Also upon closing, we were granted the option to draw up to an additional $5 million over the 12 months following the Closing Date (&#8220;Second Tranche&#8221;).&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;&#160;We drew a total of $2 million on the second tranche prior to its expiration.&#160;&#160;</font>All interest on outstanding balances accrues at 6%, with no principal or interest payments required before the new facility&#8217;s June 29, 2013 maturity date, consistent with our existing term debt facility.&#160;&#160;The First Tranche (including accrued interest) is convertible at any time into our common stock at a price of $13.50 per share, and the Second Tranche (including accrued interest) is convertible into our common stock at $12.50 per share.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Also on the Closing Date, our existing debt facility with the Lenders was modified as to certain of its conversion features.&#160;&#160;$20.62 million of the existing convertible debt was changed to allow for up to $2.5 million of this amount to be converted at any time into our common stock at the price of $13.50 per share, with the remaining amount becoming non-convertible. </font>On June 30, 2011, $2 million of the $5 million available Second Tranche was drawn.&#160;&#160;&#160;As a result of the Second Tranche draw, $4 million of the outstanding loan became convertible into 320,000 shares of Cadiz common stock.&#160;&#160;Further, approximately $10 million of the loan that was previously convertible into approximately 290,000 shares of Cadiz common stock is no longer convertible.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The debt covenants associated with the loan were negotiated by the parties with a view towards our operating and financial condition as it existed at the time the agreements were executed.&#160;&#160;At September 30, 2011, the Company was in compliance with its debt covenants.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 8, 2011, the Company sold 363,636 shares of Common Stock (the &#8220;Shares&#8221;) at a price of $11.00 per share for total proceeds of $4,000,000.&#160;&#160;The proceeds were used to replace the unutilized portion of the Company&#8217;s working capital facility and for general corporate purposes.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Additionally, as a result of private placements conducted in 2008 and 2009, the Company has 165,000 common stock purchase warrants outstanding that are exercisable at $12.50 and expire in November and December of 2011, and 226,200 common stock purchase warrants outstanding that are exercisable at $15.00 and expire in October and November of 2012.&#160;&#160;If these warrants were fully exercised, they would result in proceeds of approximately $5.4 million to the Company.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As we continue to actively pursue our business strategy, additional financing will be required.&#160;&#160;See &#8220;Outlook&#8221;, below.&#160;&#160;The covenants in the Term Loan do not prohibit our use of additional equity financing and allow us to retain 100% of the proceeds of any equity financing.&#160;&#160;We do not expect the loan covenants to materially limit our ability to finance our water development activities.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At September 30, 2011, we had no outstanding credit facilities other than the Convertible Term Loan.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Cash Used for Operating Activities</font>.&#160;&#160;Cash used for operating activities totaled $5.3 million and $5.1 million for the nine months ended September 30, 2011 and 2010, respectively.&#160;&#160;Working capital requirements are seasonally less in the second half of the year as proceeds from agricultural operations are realized.&#160;&#160;The cash was primarily used to fund general and administrative expenses related to our resource development efforts.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Cash Used for Investing Activities</font>.&#160;&#160;Cash used for investing activities during the nine months ended September 30, 2011, was $3.1 million, compared with $743 thousand during the same period in 2010.&#160;&#160;&#160;The 2011 period included additional investments in well-field and environmental work related to progressing the Water Project.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Cash Provided By (Used for) Financing Activities</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">.&#160;&#160;</font>Cash provided by financing activities was $6.0 million during the nine months ended September 30, 2011, compared with $17 thousand of cash used for financing activities during the comparable prior year period.&#160;&#160;The 2011 cash provided includes $2 million drawn by the Company on the Second Tranche of its existing Term Loan and $4.0 million of proceeds from the issuance of shares as described above.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block"><font style="FONT-WEIGHT: bold; TEXT-DECORATION: underline">Outlook</font></div>

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<div style="TEXT-ALIGN: left">Short Term Outlook. Based on our current and anticipated usage of cash resources, we will require additional working capital commencing during the second quarter of fiscal 2012 to meet our cash resource needs from that point forward and to continue to finance our operations until such time as our asset development programs produce revenues.&#160;&#160;If we are unable to generate cash from our current development activities, then we will need to seek additional debt or equity financing in the capital markets.&#160;&#160;We expect to continue our historical practice of structuring our financing arrangements to match the anticipated needs of our development activities.&#160;&#160;See "Long Term Outlook", below.&#160;&#160;No assurances can be given, however, as to the availability or terms of any new financing.</div>

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<div style="TEXT-ALIGN: left">Long Term Outlook<font style="FONT-STYLE: italic; DISPLAY: inline">. </font>In the longer term, we will need to raise additional capital to finance working capital needs, capital expenditures and any payments due under our senior secured convertible term loan at maturity.&#160;&#160;See &#8220;Current Financing Arrangements&#8221; above.&#160;&#160;Payments will be due under the term loan only to the extent that lenders elect not to exercise equity conversion rights prior to the loan&#8217;s final maturity date.&#160;&#160;Our future working capital needs will depend upon the specific measures we pursue in the entitlement and development of our water resources and other development.&#160;&#160;Future capital expenditures will depend primarily on the progress of the Water Project.&#160;&#160;We will evaluate the amount of cash needed, and the manner in which such cash will be raised, on an ongoing basis.&#160;&#160;We may meet any future cash requirements through a variety of means, including debt or equity placements, or through the sale or other disposition of assets.&#160;&#160;Equity placements would be undertaken only to the extent necessary, so as to minimize the dilutive effect of any such placements upon our existing stockholders.&#160;&#160;Limitations on our liquidity and ability to raise capital may adversely affect us.&#160;&#160;Sufficient liquidity is critical to meet our resource development activities.&#160;&#160;However, liquidity in the currently dislocated capital markets has been severely constrained since the beginning of the credit crisis.&#160;&#160;Although we currently expect our sources of capital to be sufficient to meet our near term liquidity needs, there can be no assurance that our liquidity requirements will continue to be satisfied.&#160;&#160;If we cannot raise needed funds, we might be forced to make substantial reductions in our operating expenses, which could adversely affect our ability to implement our current business plan and ultimately our viability as a company.</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Recent Accounting Pronouncements</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">See Note 1 to the Consolidated Financial Statements &#8211; Description of Business and Summary of Significant Accounting Policies.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Certain Known Contractual Obligations</font></font></div>

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<td valign="bottom" width="30%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="18" valign="bottom" width="68%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Payments Due by Period</font></font></div>
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<td align="left" valign="bottom" width="30%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Contractual Obligations</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">Total</font></font></div>
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<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">1 year or less</font></font></div>
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<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">2-3 years</font></font></div>
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<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">4-5 years</font></font></div>
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<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -4.5pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">After 5 years</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(in thousands)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Long-term debt obligations</font></div>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">55,825</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">56,817</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest Expense</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,213</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,213</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="30%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Operating leases</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">459</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">348</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">111</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">62,497</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">356</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">62,141</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td valign="bottom" width="11%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr><tr>
<td align="left" colspan="20" valign="bottom" width="99%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">*&#160;The above table does not reflect unrecognized tax benefits of $3.3 million, the timing of which is uncertain.&#160;Refer to Note 7 to our Annual Report on Form 10-K for the year ended December 31, 2010.</font></font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160; Not included in the table above is a potential obligation to pay an amount of up to 1% of the net present value of the Water Project in consideration of certain legal and advisory services to be provided to us by Brownstein Hyatt Farber Schreck LLP.&#160;&#160;The primary services being provided are advising us as to Water Project design and implementation, permit approvals, environmental compliance, negotiation and drafting of agreements related to the Water Project.&#160;&#160;This fee would be payable upon receipt of all environmental approvals and permits and the execution of binding agreements for at least 51% of the Water Project&#8217;s annual capacity.&#160;&#160;A portion of this fee may be payable in stock.&#160;&#160;Interim payments of up to $1.5 million, to be credited against the final total, would be made upon the achievement of certain specified milestones.&#160;&#160;$500 thousand of these interim payments was earned in June 2009 in consideration for the legal and advisory services previously provided.&#160;&#160;This arrangement may be terminated by either party upon 60 days notice, with any compensation earned but unpaid prior to termination payable following termination.</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of September 30, 2011, all of the Company's indebtedness bore interest at fixed rates; therefore, the Company is not exposed to market risk from changes in interest rates on long-term debt obligations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Company established disclosure controls and procedures to ensure that material information related to the Company, including its consolidated entities, is accumulated and communicated to senior management, including the Chairman and Chief Executive Officer (the &#8220;Principal Executive Officer&#8221;) and Chief Financial Officer (the &#8220;Principal Financial Officer&#8221;) and to its Board of Directors.&#160;&#160;Based on their evaluation as of September 30, 2011, the Company's Principal Executive Officer and Principal Financial Officer have concluded that the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are effective to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and such information is accumulated and communicated to management, including the principal executive and principal financial officers as appropriate, to allow timely decisions regarding required disclosures.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In connection with the evaluation required by paragraph (d) of Rule 13a-15 under the Exchange Act, there was no change identified in the Company's internal controls over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal controls over financial reporting.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certification of Keith Brackpool, Chairman and Chief Executive Officer of Cadiz Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certification of Timothy J. Shaheen, Chief Financial Officer and Secretary of Cadiz Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certification of Keith Brackpool, Chairman and Chief Executive Officer of Cadiz Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certification of Timothy J. Shaheen, Chief Financial Officer and Secretary of Cadiz Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></div>
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<td width="44%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Principal Executive Officer)&#160;</font></td>
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<td width="2%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">By:&#160;</font></td>
<td width="44%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="TEXT-DECORATION: underline">/s/ Timothy J. Shaheen</font></font></td>
<td width="54%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="TEXT-DECORATION: underline">November 8, 2011</font></font></td>
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<td width="44%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Timothy J. Shaheen&#160;</font></td>
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<td width="44%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Financial Officer and Secretary</font></td>
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<td width="44%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Principal Financial Officer)&#160;</font></td>
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32<br>
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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>exh31-1.htm
<DESCRIPTION>EXHIBIT 31.1
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EXHIBIT 31.1</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CERTIFICATION PURSUANT TO SECTION 302 OF THE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SARBANES-OXLEY ACT OF 2002</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Keith Brackpool, certify that:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;I have reviewed this Quarterly Report on Form 10-Q of Cadiz Inc.;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;a)&#160;&#160;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;b)&#160;&#160;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;c)&#160;&#160;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;d)&#160;&#160;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonable likely to materially affect, the registrant's internal control over financial reporting; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;a)&#160;&#160;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;b)&#160;&#160;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dated: November 8, 2011</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Keith Brackpool</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Keith Brackpool</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chairman and Chief Executive Officer</font></div>

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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>exh31-2.htm
<DESCRIPTION>EXHIBIT 31.2
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CERTIFICATION PURSUANT TO SECTION 302 OF THE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SARBANES-OXLEY ACT OF 2002</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I, Timothy J. Shaheen, certify that:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;I have reviewed this Quarterly Report on Form 10-Q of Cadiz Inc.;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;a)&#160;&#160;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;b)&#160;&#160;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;c)&#160;&#160;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;d)&#160;&#160;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonable likely to materially affect, the registrant's internal control over financial reporting; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;a)&#160;&#160;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;b)&#160;&#160;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dated: November 8, 2011</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Timothy J. Shaheen</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Timothy J. Shaheen</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Chief Financial Officer and Secretary</font></div>
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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>exh32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<html>
<head>
    <title>exh32-1.htm</title>
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<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EXHIBIT 32.1</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">STATEMENT PURSUANT TO SECTION 906 THE SARBANES-OXLEY ACT OF 2002 BY PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER</font></div>

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      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&lt;font style=&quot;DISPLAY: inline; TEXT-DECORATION: underline&quot;&gt;NOTE 1&#xd;
      &amp;#8211; DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT&#xd;
      ACCOUNTING POLICIES&lt;/font&gt;&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
      Consolidated Financial Statements have been prepared by Cadiz&#xd;
      Inc., sometimes referred to as &amp;#8220;Cadiz&amp;#8221; or&#xd;
      &amp;#8220;the Company&amp;#8221;, without audit and should be read&#xd;
      in conjunction with the Consolidated Financial Statements and&#xd;
      notes thereto included in the Company&amp;#8217;s Form 10-K for&#xd;
      the year ended December 31, 2010.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;Basis&#xd;
      of Presentation&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
      foregoing Consolidated Financial Statements include the&#xd;
      accounts of the Company and contain all adjustments,&#xd;
      consisting only of normal recurring adjustments, which the&#xd;
      Company considers necessary for a fair statement of the&#xd;
      Company&amp;#8217;s financial position, the results of its&#xd;
      operations and its cash flows for the periods presented and&#xd;
      have been prepared in accordance with generally accepted&#xd;
      accounting principles.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
      preparation of financial statements in conformity with&#xd;
      generally accepted accounting principles requires Management&#xd;
      to make estimates and assumptions that affect the amounts&#xd;
      reported in the financial statements and the accompanying&#xd;
      notes.&amp;#160;&amp;#160;Actual results could differ from those&#xd;
      estimates and such differences may be material to the&#xd;
      financial statements. This quarterly report on Form 10-Q&#xd;
      should be read in conjunction with the Company&amp;#8217;s Form&#xd;
      10-K for the year ended December&amp;#160;31,&#xd;
      2010.&amp;#160;&amp;#160;The results of operations for the nine&#xd;
      months ended September 30, 2011, are not necessarily&#xd;
      indicative of results for the entire fiscal year ending&#xd;
      December&amp;#160;31, 2011.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;Liquidity&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
      financial statements of the Company have been prepared using&#xd;
      accounting principles applicable to a going concern, which&#xd;
      assumes realization of assets and settlement of liabilities&#xd;
      in the normal course of business.&amp;#160;&amp;#160;The Company&#xd;
      incurred losses of $12.1 million for the nine months ended&#xd;
      September 30, 2011, and $11.5 million for the nine months&#xd;
      ended September 30, 2010.&amp;#160;&amp;#160;The Company had working&#xd;
      capital of $2.5 million at September 30, 2011, and used cash&#xd;
      in operations of $5.3 million for the nine months ended&#xd;
      September 30, 2011 and $5.1 million for the nine months ended&#xd;
      September 30, 2010.&amp;#160;&amp;#160;Working capital requirements&#xd;
      are seasonally less in the second half of the year as&#xd;
      proceeds from the Company&amp;#8217;s agricultural operations are&#xd;
      realized.&amp;#160;&amp;#160;Currently, the Company&apos;s sole focus is&#xd;
      the development of its land and water assets.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;In&#xd;
      June 2006, the Company raised $36.4 million through the&#xd;
      private placement of a five year zero coupon convertible term&#xd;
      loan with Peloton Partners LLP (&amp;#8220;Peloton&amp;#8221;), as&#xd;
      administrative agent, and an affiliate of Peloton and another&#xd;
      investor, as lenders (the &amp;#8220;Term&#xd;
      Loan&amp;#8221;).&amp;#160;&amp;#160;The proceeds of the new term loan&#xd;
      were partially used to repay the Company&amp;#8217;s prior term&#xd;
      loan facility with ING Capital LLC&#xd;
      (&amp;#8220;ING&amp;#8221;).&amp;#160;&amp;#160;On April 16, 2008, the&#xd;
      Company was advised that Peloton&amp;#8217;s interest in the Term&#xd;
      Loan had been assigned to an affiliate of Lampe, Conway &amp;amp;&#xd;
      Company LLC (&amp;#8220;Lampe Conway&amp;#8221;), and Lampe Conway&#xd;
      subsequently replaced Peloton as administrative agent of the&#xd;
      loan.&amp;#160;&amp;#160;On June 4, 2009, the Company completed&#xd;
      arrangements to amend the Term Loan and extend its maturity&#xd;
      to June of 2013.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;On&#xd;
      October 19, 2010, the Company closed a new $10 million&#xd;
      working capital facility with the same existing&#xd;
      lenders.&amp;#160;&amp;#160;A total of $7 million was drawn during&#xd;
      the term of this facility.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;In&#xd;
      November and December 2008, the Company raised $5.2 million&#xd;
      with a private placement of 165,000 Units at $31.50 per&#xd;
      unit.&amp;#160;&amp;#160;Each unit consisted of three (3) shares of&#xd;
      the Company&amp;#8217;s common stock and two (2) stock purchase&#xd;
      warrants.&amp;#160;&amp;#160;The first warrant entitled the holder to&#xd;
      purchase one (1) share of common stock at an exercise price&#xd;
      of $12.50 per share.&amp;#160;&amp;#160;On November 17, 2009, the&#xd;
      exercise price of this Callable Warrant was temporarily&#xd;
      reduced to $10.50 per share.&amp;#160;&amp;#160;In response, holders&#xd;
      of 162,849 warrants exercised their warrants, resulting in&#xd;
      the Company&apos;s issuance of 162,849 shares of common stock with&#xd;
      net proceeds of $1,709,915.&amp;#160;&amp;#160;The remaining 2,151&#xd;
      warrants were cancelled.&amp;#160;&amp;#160;The second warrant&#xd;
      entitles the holder to purchase one (1) share of common stock&#xd;
      at an exercise price of $12.50 per share.&amp;#160;&amp;#160;This&#xd;
      warrant has a term of three years and is not callable by the&#xd;
      Company.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;In&#xd;
      October and November 2009, the Company raised $7.1 million&#xd;
      with a private placement of 226,200 Units at $31.50 per&#xd;
      Unit.&amp;#160;&amp;#160;This included 20,880 Units purchased by the&#xd;
      Lenders of the Term Loan pursuant to the Lenders&amp;#8217;&#xd;
      Participation Rights under the Term Loan.&amp;#160;&amp;#160;Each&#xd;
      Unit consists of three (3) shares of the Company&amp;#8217;s&#xd;
      common stock and one (1) stock purchase&#xd;
      warrant.&amp;#160;&amp;#160;The warrant entitles the holder to&#xd;
      purchase one (1) share of common stock at an exercise price&#xd;
      of $15.00 per share.&amp;#160;&amp;#160;The warrant has a term of&#xd;
      three (3) years, but is callable by the Company at any time&#xd;
      following November 1, 2010, if the closing market price of&#xd;
      the Company&amp;#8217;s common stock exceeds $22.50 for 10&#xd;
      consecutive trading days.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;In&#xd;
      June 2011, the Company filed a shelf registration statement&#xd;
      on Form S-3 registering the sale of up to $50 million of the&#xd;
      Company&amp;#8217;s common stock in one or more public&#xd;
      offerings.&amp;#160;&amp;#160;The registration statement was declared&#xd;
      effective on June 10, 2011.&amp;#160;&amp;#160;On July 8, 2011, the&#xd;
      Company raised $4.0 million with the sale of 363,636 shares&#xd;
      at $11.00 per share by way of a takedown from this shelf&#xd;
      registration.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
      Company&amp;#8217;s current resources do not provide the capital&#xd;
      necessary to fund its implementation of the Cadiz Valley&#xd;
      Water Conservation, Recovery and Storage Project&#xd;
      (&amp;#8220;Water Project&amp;#8221;) should the Company be required&#xd;
      to do so.&amp;#160;&amp;#160;There is no assurance that additional&#xd;
      financing (public or private) will be available on acceptable&#xd;
      terms or at all.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;If&#xd;
      the Company issues additional equity or equity linked&#xd;
      securities to raise funds, the ownership percentage of the&#xd;
      Company&amp;#8217;s existing stockholders would be&#xd;
      reduced.&amp;#160;&amp;#160;New investors may demand rights,&#xd;
      preferences or privileges senior to those of existing holders&#xd;
      of common stock.&amp;#160;&amp;#160;If the Company cannot raise&#xd;
      needed funds, it might be forced to make substantial&#xd;
      reductions in its operating expenses, which could adversely&#xd;
      affect its ability to implement its current business plan and&#xd;
      ultimately its viability as a company.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;Based&#xd;
      upon the Company&amp;#8217;s current and anticipated usage of&#xd;
      cash resources, it will require additional working capital&#xd;
      commencing during the second quarter of fiscal 2012 to meet&#xd;
      its cash resource needs from that point forward and to&#xd;
      continue to finance its operations until such time as its&#xd;
      asset development programs produce revenues.&amp;#160;&amp;#160;If&#xd;
      the Company is unable to generate cash from its current&#xd;
      development activities, then it will need to seek additional&#xd;
      debt or equity financing in the capital markets.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;Principles&#xd;
      of Consolidation&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;In&#xd;
      December 2003, the Company transferred substantially all of&#xd;
      its assets (with the exception of certain office furniture&#xd;
      and equipment and any Sun World related assets) to Cadiz Real&#xd;
      Estate LLC, a Delaware limited liability company&#xd;
      (&amp;#8220;Cadiz Real Estate&amp;#8221;).&amp;#160;&amp;#160;The Company&#xd;
      holds 100% of the equity interests of Cadiz Real Estate, and&#xd;
      therefore, continues to hold 100% beneficial ownership of the&#xd;
      properties that it transferred to Cadiz Real&#xd;
      Estate.&amp;#160;&amp;#160;Because the transfer of the&#xd;
      Company&amp;#8217;s properties to Cadiz Real Estate has no effect&#xd;
      on its ultimate beneficial ownership of these properties, the&#xd;
      properties owned of record either by Cadiz Real Estate or by&#xd;
      the Company are treated as belonging to the&#xd;
      Company.&amp;#160;&amp;#160;Cadiz Real Estate is consolidated in&#xd;
      these financial statements.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;Cash&#xd;
      and Cash Equivalents&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
      Company considers all short-term deposits with an original&#xd;
      maturity of three months or less to be cash&#xd;
      equivalents.&amp;#160;&amp;#160;The Company invests its excess cash&#xd;
      in deposits with major international banks, government agency&#xd;
      notes and short-term commercial paper, and therefore, bears&#xd;
      minimal risk.&amp;#160;&amp;#160;Such investments are stated at cost,&#xd;
      which approximates fair value, and are considered cash&#xd;
      equivalents for purposes of reporting cash flows.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;Short-Term&#xd;
      Investments&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&lt;font id=&quot;TAB1-31&quot; style=&quot;MARGIN-LEFT: 36pt&quot;&gt;&lt;/font&gt;The Company&#xd;
      considers all short-term deposits with an original maturity&#xd;
      greater than three months, but no greater than one year, to&#xd;
      be short-term investments.&amp;#160;&amp;#160;The Company had no&#xd;
      short-term investments at September 30, 2011, or December 31,&#xd;
      2010.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;Supplemental&#xd;
      Cash Flow Information&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&lt;font id=&quot;TAB1-32&quot; style=&quot;MARGIN-LEFT: 36pt&quot;&gt;&lt;/font&gt;No cash payments,&#xd;
      including interest, are due on the loan with Lampe Conway&#xd;
      prior to the June 29, 2013, final maturity date.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&lt;font id=&quot;TAB1-33&quot; style=&quot;MARGIN-LEFT: 36pt&quot;&gt;&lt;/font&gt;The Company&#xd;
      recorded non-cash additions to fixed assets of $676,000 at&#xd;
      September 30, 2011, and $1,276,000 at December 31, 2010,&#xd;
      which were accrued at the respective period ends, for the&#xd;
      costs directly attributable to the development of the Water&#xd;
      Project.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;Recent&#xd;
      Accounting Pronouncements&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&lt;font id=&quot;TAB1-34&quot; style=&quot;MARGIN-LEFT: 36pt&quot;&gt;&lt;/font&gt;In December 2010,&#xd;
      the Financial Accounting Standards Board issued Accounting&#xd;
      Standards Update 2010-28, an accounting pronouncement related&#xd;
      to Accounting Standards Codification Topic 350, &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline&quot;&gt;Intangibles&#xd;
      &amp;#8211; Goodwill and Other&lt;/font&gt;, which requires a company&#xd;
      to consider whether there are any adverse qualitative factors&#xd;
      indicating that an impairment may exist in performing step 2&#xd;
      of the impairment test for reporting units with zero or&#xd;
      negative carrying amounts.&amp;#160;&amp;#160;The provisions of this&#xd;
      pronouncement are effective for fiscal years, and interim&#xd;
      periods within those fiscal years, beginning December 15,&#xd;
      2010.&amp;#160;&amp;#160;The Company adopted this pronouncement on&#xd;
      January 1, 2011.&amp;#160;&amp;#160;The adoption of this&#xd;
      pronouncement has no impact on the Company&amp;#8217;s financial&#xd;
      position and results of operations.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;In&#xd;
      September&amp;#160;2011, the Financial Accounting Standards&#xd;
      Board, or FASB, issued Accounting Standards Update, or ASU,&#xd;
      No.&amp;#160;2011-08, &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline&quot;&gt;Testing Goodwill&#xd;
      for Impairment&lt;/font&gt;. This ASU permits an entity to make a&#xd;
      qualitative assessment of whether it is more likely than not&#xd;
      that a reporting unit&amp;#8217;s fair value is less than its&#xd;
      carrying amount before applying the two-step goodwill&#xd;
      impairment test. If an entity concludes it is not more likely&#xd;
      than not that the fair value of a reporting unit is less than&#xd;
      its carrying amount, then there is no need to perform the&#xd;
      two-step impairment test. This ASU is effective for annual&#xd;
      and interim goodwill impairment tests performed for fiscal&#xd;
      years beginning after December&amp;#160;15, 2011. Early adoption&#xd;
      is permitted.&amp;#160;&amp;#160;The Company expects to adopt this&#xd;
      pronouncement in the fourth quarter of 2011.&amp;#160;&amp;#160;The&#xd;
      Company believes that the adoption of the ASU will not have a&#xd;
      material impact on the Company&amp;#8217;s consolidated financial&#xd;
      statements, as it is intended to simplify the assessment for&#xd;
      goodwill impairment.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
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  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="c0_From1Jul2011To30Sep2011">&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&lt;font style=&quot;DISPLAY: inline; TEXT-DECORATION: underline&quot;&gt;NOTE 2 -&#xd;
      PROPERTY, PLANT, EQUIPMENT AND WATER PROGRAMS&lt;/font&gt;&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&lt;font id=&quot;TAB1-35&quot; style=&quot;MARGIN-LEFT: 36pt&quot;&gt;&lt;/font&gt;Property, plant,&#xd;
      equipment and water programs consist of the following (in&#xd;
      thousands):&lt;/font&gt;&#xd;
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        &lt;tr&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
            &lt;div align=&quot;center&quot;&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;September&#xd;
              30,&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;div align=&quot;center&quot;&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;December&#xd;
              31,&lt;/font&gt;&#xd;
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          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
        &lt;tr&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;10%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;
            &lt;div align=&quot;center&quot;&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&lt;font style=&quot;DISPLAY: inline&quot;&gt;2011&lt;/font&gt;&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left; PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;10%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;
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              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&lt;font style=&quot;DISPLAY: inline&quot;&gt;2010&lt;/font&gt;&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left; PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
        &lt;tr&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;10%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;tr&gt;&#xd;
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;76%&quot;&gt;&#xd;
            &lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
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          &lt;/td&gt;&#xd;
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;$&lt;/font&gt;&#xd;
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;24,188&lt;/font&gt;&#xd;
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          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;$&lt;/font&gt;&#xd;
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;23,680&lt;/font&gt;&#xd;
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        &lt;tr&gt;&#xd;
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;76%&quot;&gt;&#xd;
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          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;17,780&lt;/font&gt;&#xd;
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
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          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
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        &lt;tr&gt;&#xd;
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;76%&quot;&gt;&#xd;
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          &lt;/td&gt;&#xd;
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
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          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
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        &lt;tr&gt;&#xd;
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;76%&quot;&gt;&#xd;
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        &lt;tr&gt;&#xd;
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;76%&quot;&gt;&#xd;
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            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;$&lt;/font&gt;&#xd;
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          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;38,315&lt;/font&gt;&#xd;
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          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left; PADDING-BOTTOM: 4px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&lt;font id=&quot;TAB1-36&quot; style=&quot;MARGIN-LEFT: 36pt&quot;&gt;&lt;/font&gt;Depreciation&#xd;
      expense totaled $92,000 for the three months ended September&#xd;
      30, 2011, and $81,000 for the three months ended September&#xd;
      30, 2010.&amp;#160;&amp;#160;Depreciation expense totaled $273,000&#xd;
      and $263,000 for the nine months ended September 30, 2011 and&#xd;
      2010, respectively.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <us-gaap:DebtDisclosureTextBlock contextRef="c0_From1Jul2011To30Sep2011">&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&lt;font style=&quot;DISPLAY: inline; TEXT-DECORATION: underline&quot;&gt;NOTE 3&#xd;
      &amp;#8211; LONG-TERM DEBT&lt;/font&gt;&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
      carrying value of the Company&apos;s debt, before discount,&#xd;
      approximates fair value, based on interest rates available to&#xd;
      the Company for debt with similar terms.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;At&#xd;
      September 30, 2011, and December 31, 2010, the carrying&#xd;
      amount of the Company&amp;#8217;s outstanding debt is summarized&#xd;
      as follows (in thousands):&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;70%&quot; style=&quot;FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;
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        &lt;tr&gt;&#xd;
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          &lt;/td&gt;&#xd;
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;8&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left; PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;16&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left; PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
        &lt;tr&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
        &lt;tr&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;PADDING-BOTTOM: 4px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;PADDING-BOTTOM: 4px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;50,517&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left; PADDING-BOTTOM: 4px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;PADDING-BOTTOM: 4px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;44,403&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left; PADDING-BOTTOM: 4px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&lt;font id=&quot;TAB1-38&quot; style=&quot;MARGIN-LEFT: 36pt&quot;&gt;&lt;/font&gt;Pursuant to the&#xd;
      Company&amp;#8217;s loan agreements, annual maturities of&#xd;
      long-term debt outstanding on September 30, 2011, are as&#xd;
      follows:&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;50%&quot; style=&quot;FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;
        &lt;tr&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;BORDER-BOTTOM: black 2px solid&quot;&gt;&#xd;
            &lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;12&#xd;
              Months&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
            &lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;Ending&#xd;
              September 30&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;23%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center&quot;&gt;&#xd;
            &lt;div style=&quot;TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.45pt&quot;&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;(in&#xd;
              thousands)&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left; PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
        &lt;tr&gt;&#xd;
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;75%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td align=&quot;right&quot; colspan=&quot;2&quot; valign=&quot;bottom&quot; width=&quot;23%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
        &lt;tr&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot;&gt;&#xd;
            &lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;2012&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;22%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;8&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
        &lt;tr&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot;&gt;&#xd;
            &lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;2013&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;22%&quot; style=&quot;TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;55,817&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
        &lt;tr&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;center&quot;&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;2014&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;22%&quot; style=&quot;BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;-&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left; PADDING-BOTTOM: 2px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
        &lt;tr&gt;&#xd;
          &lt;td align=&quot;left&quot; valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;PADDING-BOTTOM: 4px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td align=&quot;right&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;PADDING-BOTTOM: 4px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td valign=&quot;bottom&quot; width=&quot;22%&quot; style=&quot;BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;55,825&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;TEXT-ALIGN: left; PADDING-BOTTOM: 4px&quot;&gt;&#xd;
            &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;In&#xd;
      June 2006, the Company entered into a $36.4 million five year&#xd;
      zero coupon convertible term loan with Peloton Partners LLP,&#xd;
      as administrative agent for the loan, and with an affiliate&#xd;
      of Peloton and another investor, as&#xd;
      lenders.&amp;#160;&amp;#160;Certain terms of the loan were&#xd;
      subsequently amended pursuant to Amendment #1 to the Credit&#xd;
      Agreement, which was effective September 2006.&amp;#160;&amp;#160;On&#xd;
      April 16, 2008, the Company was advised that Peloton had&#xd;
      assigned its interest in the loan to an affiliate of Lampe&#xd;
      Conway &amp;amp; Company LLC (&amp;#8220;Lampe Conway&amp;#8221;), and&#xd;
      Lampe Conway subsequently replace Peloton as administrative&#xd;
      agent of the loan (the &amp;#8220;Term&#xd;
      Loan&amp;#8221;).&amp;#160;&amp;#160;On June 4, 2009, the Company&#xd;
      completed arrangements to amend the Term Loan with Lampe&#xd;
      Conway which modified certain of the conversion features and&#xd;
      extended the maturity date to June 29, 2013.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;On&#xd;
      October 19, 2010 (&amp;#8220;Closing Date&amp;#8221;), the Company&#xd;
      entered into a new $10 million working capital facility with&#xd;
      Lampe Conway and other participating lenders (&amp;#8220;the&#xd;
      Lenders&amp;#8221;).&amp;#160;&amp;#160;The Company drew the first $5&#xd;
      million on the Closing Date (&amp;#8220;First&#xd;
      Tranche&amp;#8221;).&amp;#160;&amp;#160;The Company was also granted the&#xd;
      option to draw up to an additional $5 million over the 12&#xd;
      months following the Closing Date (&amp;#8220;Second&#xd;
      Tranche&amp;#8221;), of which $2 million was drawn on June 30,&#xd;
      2011. No further draws were made on this new facility prior&#xd;
      to its expiration.&amp;#160;&amp;#160;All interest on outstanding&#xd;
      balances accrue at 6%, with no principal or interest payments&#xd;
      required before the new facility&amp;#8217;s June 29, 2013&#xd;
      maturity date, consistent with the Company&amp;#8217;s existing&#xd;
      term debt facility.&amp;#160;&amp;#160;&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
      First Tranche (including accrued interest) is convertible at&#xd;
      any time into the Company&amp;#8217;s common stock at a price of&#xd;
      $13.50 per share and the Second Tranche (including accrued&#xd;
      interest) is convertible into the Company&amp;#8217;s common&#xd;
      stock at $12.50 per share.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&lt;font id=&quot;TAB1-39&quot; style=&quot;MARGIN-LEFT: 36pt&quot;&gt;&lt;/font&gt;Also on the&#xd;
      Closing Date, the Company&amp;#8217;s existing Term Loan with the&#xd;
      Lenders was modified as to certain of its conversion&#xd;
      features:&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;list&quot; width=&quot;100%&quot; style=&quot;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;
        &lt;tr valign=&quot;top&quot;&gt;&#xd;
          &lt;td align=&quot;right&quot; style=&quot;WIDTH: 72pt&quot;&gt;&#xd;
            &lt;div&gt;&#xd;
              &lt;font style=&quot;display: inline; font-size: 10pt; font-family: Symbol, serif;&quot;&gt;&amp;#183;&amp;#160;&amp;#160;&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;div style=&quot;TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;$20.62&#xd;
              million of the existing convertible debt has been&#xd;
              changed to allow for up to $2.5 million of this&#xd;
              amount to be converted at any time into the&#xd;
              Company&amp;#8217;s common stock at the price of $13.50&#xd;
              per share, with the remaining amount becoming&#xd;
              non-convertible.&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
      &lt;/table&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;list-0&quot; width=&quot;100%&quot; style=&quot;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;
        &lt;tr valign=&quot;top&quot;&gt;&#xd;
          &lt;td align=&quot;right&quot; style=&quot;WIDTH: 72pt&quot;&gt;&#xd;
            &lt;div&gt;&#xd;
              &lt;font style=&quot;display: inline; font-size: 10pt; font-family: Symbol, serif;&quot;&gt;&amp;#183;&amp;#160;&amp;#160;&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;div style=&quot;TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;If&#xd;
              the Second Tranche were to be drawn in full,&#xd;
              approximately $20 million of additional existing debt&#xd;
              would be changed to allow for up to $5 million of&#xd;
              this amount to be converted at any time into the&#xd;
              Company&amp;#8217;s common stock at $12.50 per share,&#xd;
              with the remaining amount becoming&#xd;
              non-convertible.&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
      &lt;/table&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;list-1&quot; width=&quot;100%&quot; style=&quot;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;
        &lt;tr valign=&quot;top&quot;&gt;&#xd;
          &lt;td align=&quot;right&quot; style=&quot;WIDTH: 72pt&quot;&gt;&#xd;
            &lt;div&gt;&#xd;
              &lt;font style=&quot;display: inline; font-size: 10pt; font-family: Symbol, serif;&quot;&gt;&amp;#183;&amp;#160;&amp;#160;&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;div style=&quot;TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
              final $4.55 million of the existing debt continues to&#xd;
              be convertible at $7 per share.&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
        &lt;/tr&gt;&#xd;
      &lt;/table&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;On&#xd;
      June 30, 2011, $2 million of the $5 million available Second&#xd;
      Tranche was drawn.&amp;#160;&amp;#160;As a result of the Second&#xd;
      Tranche draw, $4 million of the outstanding loan became&#xd;
      convertible into 320,000 shares of Cadiz common&#xd;
      stock.&amp;#160;&amp;#160;Further, approximately $10 million of the&#xd;
      loan that was previously convertible into approximately&#xd;
      290,000 shares of Cadiz common stock is no longer&#xd;
      convertible.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&lt;font id=&quot;TAB2&quot; style=&quot;LETTER-SPACING: 9pt&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#xd;
      The Term Loan is collateralized by substantially all of the&#xd;
      assets of the Company, and contains representations,&#xd;
      warranties and covenants that are typical for agreements of&#xd;
      this type, including restrictions that would limit the&#xd;
      Company&amp;#8217;s ability to incur additional indebtedness,&#xd;
      incur liens, pay dividends or make restricted payments,&#xd;
      dispose of assets, make investments and merge or consolidate&#xd;
      with another person.&amp;#160;&amp;#160;However, while there are&#xd;
      affirmative covenants, there are no financial maintenance&#xd;
      covenants and no restrictions on the Company&amp;#8217;s ability&#xd;
      to issue additional common stock to fund future working&#xd;
      capital needs.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&lt;font id=&quot;TAB1-40&quot; style=&quot;MARGIN-LEFT: 36pt&quot;&gt;&lt;/font&gt;As a result of&#xd;
      the modifications of the convertible debt arrangements in&#xd;
      June 2009 and October 2010, the change in conversion value&#xd;
      between the original and modified instrument totaling&#xd;
      approximately $3.2 million was recorded as additional debt&#xd;
      discount with an offsetting amount recorded as additional&#xd;
      paid-in capital.&amp;#160;&amp;#160;Such debt discount is accreted to&#xd;
      the redemption value of the instrument over the remaining&#xd;
      term of the loan as additional interest&#xd;
      expense.&amp;#160;&amp;#160;In connection with the modification&#xd;
      transaction in October 2010, the Company recorded a&#xd;
      derivative liability related to the conversion&#xd;
      option.&amp;#160;&amp;#160;The fair value of the derivative liability&#xd;
      was marked-to-market at the end of each reporting period and&#xd;
      recorded as other income (expense).&amp;#160;&amp;#160;On July 25,&#xd;
      2011, the Company entered into an amendment to the facility&#xd;
      eliminating the availability to the Company of the unused $3&#xd;
      million portion of the facility.&amp;#160;&amp;#160;As a result, the&#xd;
      conversion option related to the unused portion of the&#xd;
      facility no longer exists and a derivative liability is no&#xd;
      longer being recorded.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="c0_From1Jul2011To30Sep2011">&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&lt;font style=&quot;DISPLAY: inline; TEXT-DECORATION: underline&quot;&gt;NOTE 4&#xd;
      &amp;#8211; COMMON STOCK&lt;/font&gt;&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;In&#xd;
      October 2007, the Company agreed to the conditional issuance&#xd;
      of up to 300,000 shares to the former sole shareholder and&#xd;
      successor in interest to Exploration Research Associates,&#xd;
      Inc. (&amp;#8220;ERA&amp;#8221;), who is now an employee of the&#xd;
      Company.&amp;#160;&amp;#160;The agreement settled certain claims by&#xd;
      ERA against the Company and provided that the 300,000 shares&#xd;
      will be issued if and when certain significant milestones in&#xd;
      the development of the Company&amp;#8217;s properties are&#xd;
      achieved.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;In&#xd;
      November 2008, the Company entered into an agreement with the&#xd;
      law firm of Brownstein Hyatt Farber Schreck LLP to provide&#xd;
      legal and advisory services.&amp;#160;&amp;#160;The primary services&#xd;
      being provided are advising the Company as to&#xd;
      the&amp;#160;Water&amp;#160;Project design and implementation, permit&#xd;
      approvals, environmental compliance, negotiation and drafting&#xd;
      of agreements related to the Water Project.&amp;#160;&amp;#160;The&#xd;
      agreement provides for interim payments due upon completion&#xd;
      of specified milestones with respect to the Water Project,&#xd;
      with the fee payable in cash and/or stock.&amp;#160;&amp;#160;The&#xd;
      first such milestone was satisfied on June 4, 2009, resulting&#xd;
      in an obligation by the Company to pay a fee of $500,000, for&#xd;
      which the parties agreed to payment in the form of 59,312&#xd;
      shares of the Company&amp;#8217;s common stock valued at $8.43&#xd;
      per share, reflecting the fair market value of the stock on&#xd;
      June 4, 2009.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;In&#xd;
      June 2011, the Company filed a shelf registration statement&#xd;
      on Form S-3 registering the sale of up to $50 million of the&#xd;
      Company&amp;#8217;s common stock in one or more public&#xd;
      offerings.&amp;#160;&amp;#160;The registration statement was declared&#xd;
      effective on June 10, 2011.&amp;#160;&amp;#160;On July 8, 2011, the&#xd;
      Company raised $4.0 million with the sale of 363,636 shares&#xd;
      at $11.00 per share by way of a takedown from this shelf&#xd;
      registration.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="c0_From1Jul2011To30Sep2011">&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;&lt;font style=&quot;DISPLAY: inline; TEXT-DECORATION: underline&quot;&gt;NOTE 5&#xd;
      &amp;#8211; STOCK-BASED COMPENSATION PLANS AND&#xd;
      WARRANTS&lt;/font&gt;&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
      Company has issued options and has granted stock awards&#xd;
      pursuant to its 2003 Management Equity Incentive Plan, 2007&#xd;
      Management Equity Incentive Plan, and 2009 Equity Incentive&#xd;
      Plan.&amp;#160;&amp;#160;The Company has also granted stock awards&#xd;
      pursuant to its Outside Director Compensation Plan.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&lt;font style=&quot;DISPLAY: inline; FONT-WEIGHT: bold&quot;&gt;2003 Management&#xd;
      Equity Incentive Plan&lt;/font&gt;&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;In&#xd;
      December 2003, concurrently with the completion of the&#xd;
      Company&amp;#8217;s then current financing arrangements with ING,&#xd;
      the Company&amp;#8217;s board of directors authorized the&#xd;
      adoption of a Management Equity Incentive&#xd;
      Plan.&amp;#160;&amp;#160;Under the Incentive Plan, a total of&#xd;
      1,472,051 shares of common stock and common stock options&#xd;
      were granted to key personnel.&amp;#160;&amp;#160;As of September 30,&#xd;
      2011, a total of 315,000 common stock options remain&#xd;
      outstanding under this plan.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;Outside&#xd;
      Director Compensation Plan&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
      Cadiz Inc. Outside Director Compensation Plan was approved by&#xd;
      Cadiz shareholders in November 2006.&amp;#160;&amp;#160;Under the&#xd;
      plan, each outside director receives $30,000 of cash&#xd;
      compensation and receives a deferred stock award consisting&#xd;
      of shares of the Company&amp;#8217;s common stock with a value&#xd;
      equal to $20,000 on June 30th of each year.&amp;#160;&amp;#160;The&#xd;
      award accrues on a quarterly basis, with $7,500 of cash&#xd;
      compensation and $5,000 of stock earned for each fiscal&#xd;
      quarter in which a director serves.&amp;#160;&amp;#160;The deferred&#xd;
      stock award vests automatically on the January 31&lt;font style=&quot;DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top&quot;&gt;st&lt;/font&gt;&#xd;
      which first follows the award date.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;2007&#xd;
      Management Equity Incentive Plan&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
      2007 Management Equity Incentive Plan was approved by&#xd;
      stockholders at the 2007 Annual Meeting.&amp;#160;&amp;#160;The plan&#xd;
      provides for the grant and issuance of up to 1,050,000 shares&#xd;
      and options to the Company&amp;#8217;s employees and&#xd;
      consultants.&amp;#160;&amp;#160;The plan became effective when the&#xd;
      Company filed a registration statement on Form S-8 on July&#xd;
      25, 2007.&amp;#160;&amp;#160;As of September 30, 2011, a total of&#xd;
      10,000 common stock options remain outstanding under this&#xd;
      plan.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;2009&#xd;
      Equity Incentive Plan&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&lt;font id=&quot;TAB1-41&quot; style=&quot;MARGIN-LEFT: 36pt&quot;&gt;&lt;/font&gt;The 2009 Equity&#xd;
      Incentive Plan was approved by stockholders at the 2009&#xd;
      Annual Meeting.&amp;#160;&amp;#160;The plan provides for the grant&#xd;
      and issuance of up to 850,000 shares and options to the&#xd;
      Company&amp;#8217;s employees and consultants.&amp;#160;&amp;#160;The&#xd;
      plan became effective when the Company filed a registration&#xd;
      statement on Form S-8 on December 18, 2009.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;In&#xd;
      January and February 2010, the Company granted a total of&#xd;
      402,500 options for the purchase of one share of common stock&#xd;
      under the 2009 Equity Incentive Plan.&amp;#160;&amp;#160;These&#xd;
      options have strike prices that are at or slightly above the&#xd;
      fair market value of the Company&amp;#8217;s common stock on the&#xd;
      date that the grants became effective.&amp;#160;&amp;#160;In February&#xd;
      2011, the Company granted 20,000 options for purchase of one&#xd;
      share of common stock at a price of $12.60 under the 2009&#xd;
      Equity Incentive Plan.&amp;#160;&amp;#160;In April 2011, the Company&#xd;
      granted 100,000 options for purchase of one share of common&#xd;
      stock at a price of $12.51 under the 2009 Equity Incentive&#xd;
      Plan.&amp;#160;&amp;#160;All options under the 2009 Equity Incentive&#xd;
      Plan have a ten year term with vesting periods ranging from&#xd;
      issuance date to 24 months, and all remained outstanding as&#xd;
      of September 30, 2011.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;All&#xd;
      options that have been issued under the above plans have been&#xd;
      issued to officers and employees of the&#xd;
      Company.&amp;#160;&amp;#160;In total, options to purchase 847,500&#xd;
      shares were unexercised and outstanding on September 30,&#xd;
      2011, under the three equity incentive plans.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
      Company recognized stock option related compensation costs of&#xd;
      $964,000 and $1,853,000 in the nine months ended September&#xd;
      30, 2011 and 2010, respectively.&amp;#160;&amp;#160;On September 30,&#xd;
      2011, there was $534,000 of unamortized compensation expense&#xd;
      relating to option awards.&amp;#160;&amp;#160;This unamortized&#xd;
      compensation expense is expected to be recognized through&#xd;
      April 2013.&amp;#160;&amp;#160;No options were exercised during the&#xd;
      nine months ended September 30, 2011.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold&quot;&gt;Stock&#xd;
      Awards to Directors, Officers, and Consultants&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;The&#xd;
      Company has granted stock awards pursuant to its 2007&#xd;
      Management Equity Incentive Plan, 2009 Equity Incentive Plan&#xd;
      and Outside Director Compensation Plan.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;div style=&quot;TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot; align=&quot;left&quot;&gt;&#xd;
      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;Of&#xd;
      the total 1,050,000 shares reserved under the 2007 Management&#xd;
      Equity Incentive Plan, a grant of 950,000 shares became&#xd;
      effective on July 25, 2007.&amp;#160;&amp;#160;The grant consisted of&#xd;
      two separate awards.&lt;/font&gt;&#xd;
    &lt;/div&gt;&lt;br/&gt;&lt;table cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; id=&quot;list-2&quot; width=&quot;100%&quot; style=&quot;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman&quot;&gt;&#xd;
        &lt;tr valign=&quot;top&quot;&gt;&#xd;
          &lt;td align=&quot;right&quot; style=&quot;WIDTH: 45pt&quot;&gt;&#xd;
            &lt;div&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&#xd;
            &lt;/div&gt;&#xd;
          &lt;/td&gt;&#xd;
          &lt;td style=&quot;TEXT-ALIGN: left&quot;&gt;&#xd;
            &lt;div style=&quot;TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt&quot;&gt;&#xd;
              &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;&amp;#160;A&#xd;
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              issued.&amp;#160;&amp;#160;The shares were allocated for&#xd;
              issuance subject to the satisfaction of certain&#xd;
              milestone conditions relating to the trading price of&#xd;
              the Company&apos;s common stock during the period&#xd;
              commencing March 13, 2007, and ending March 12,&#xd;
              2009.&amp;#160;&amp;#160;The milestone conditions were not&#xd;
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              expiration of all 800,000 shares.&lt;/font&gt;&#xd;
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      Management Equity Incentive Plan, 10,000 were issued as&#xd;
      options as described above and 90,000 were issued as shares&#xd;
      that vested in May 2009 consistent with the terms of the&#xd;
      agreements pursuant to which those executives provide&#xd;
      services to the Company.&lt;/font&gt;&#xd;
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      common stock became effective on January 14, 2010, and a&#xd;
      grant of 140,000 restricted shares of common stock became&#xd;
      effective on January 10, 2011, consistent with the terms of&#xd;
      the agreements pursuant to which those executives provide&#xd;
      services to the Company and which contemplate that such&#xd;
      executives will participate in the Company&amp;#8217;s long-term&#xd;
      incentive plans.&lt;/font&gt;&#xd;
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      three years following the effective date.&amp;#160;&amp;#160;Of the&#xd;
      remaining 595,000 shares reserved under the 2009 Equity&#xd;
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      June 30, 2011.&amp;#160;&amp;#160;Of the 48,571 shares awarded,&#xd;
      39,151 shares have vested and been issued.&amp;#160;&amp;#160;The&#xd;
      remaining shares will vest on January 31, 2012.&lt;/font&gt;&#xd;
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      months ended September 30, 2011 and 2010,&#xd;
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      and December of 2008 of 165,000 Units at the price of $31.50&#xd;
      per unit for proceeds of $5,197,500.&amp;#160;&amp;#160;Each Unit&#xd;
      consists of three (3) shares of the Company&amp;#8217;s common&#xd;
      stock and two (2) common stock purchase&#xd;
      warrants.&amp;#160;&amp;#160;The first warrant entitled the holder to&#xd;
      purchase one (1) share of common stock at an exercise price&#xd;
      of $12.50 per share.&amp;#160;&amp;#160;On November 17, 2009, the&#xd;
      exercise price of this Callable Warrant was temporarily&#xd;
      reduced to $10.50 per share.&amp;#160;&amp;#160;In response, holders&#xd;
      of 162,849 warrants exercised their warrants, resulting in&#xd;
      the Company&apos;s issuance of 162,849 shares of common stock with&#xd;
      net proceeds of $1,709,915.&amp;#160;&amp;#160;The remaining 2,151&#xd;
      warrants were cancelled.&amp;#160;&amp;#160;The second warrant&#xd;
      entitles the holder to purchase one (1) share of common stock&#xd;
      at an exercise price of $12.50 per share.&amp;#160;&amp;#160;This&#xd;
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      &lt;font style=&quot;DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt&quot;&gt;In&#xd;
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      Unit.&amp;#160;&amp;#160;This includes 20,880 Units purchased by the&#xd;
      Lenders of the Term Loan pursuant to the Lenders&amp;#8217;&#xd;
      Participation Rights under the Term Loan.&amp;#160;&amp;#160;Each&#xd;
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      purchase one (1) share of common stock at an exercise price&#xd;
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      following November 1, 2010, if the closing market price of&#xd;
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      million for federal income tax purposes and $71 million for&#xd;
      California state income tax purposes.&amp;#160;&amp;#160;Such&#xd;
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      by the U.S. Bankruptcy Court, concurrently with the&#xd;
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      World&amp;#8217;s plan of reorganization, Cadiz will retain the&#xd;
      right to utilize the Sun World net operating loss carryovers&#xd;
      (&amp;#8220;NOLs&amp;#8221;).&amp;#160;&amp;#160;Sun World Federal NOLs are&#xd;
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      Cadiz&amp;#8217; tax liability for such year, then Cadiz will pay&#xd;
      to the Sun World bankruptcy estate 25% of the amount of such&#xd;
      reduction, and shall retain the remaining 75% for its own&#xd;
      benefit.&amp;#160;&amp;#160;There is no requirement that Cadiz&#xd;
      utilize these NOLs during this reimbursement period, or&#xd;
      provide any reimbursement to the Sun World bankruptcy estate&#xd;
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      previously accrued for state taxes, interest and penalties&#xd;
      related to income tax positions in prior&#xd;
      returns.&amp;#160;&amp;#160;Income tax penalties and interest are&#xd;
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      2007 through 2010 remain subject to examination by California&#xd;
      tax jurisdictions.&amp;#160;&amp;#160;In addition, the Company&apos;s loss&#xd;
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      adjustment for a period of three years for federal tax&#xd;
      purposes and four years for California purposes, beginning&#xd;
      when such carryovers are utilized to reduce taxes in a future&#xd;
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      its net deferred tax assets, it has recorded a full valuation&#xd;
      allowance against these assets.&amp;#160;&amp;#160;Accordingly, no&#xd;
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      warrants and convertible debt were not considered in the&#xd;
      computation of diluted EPS because their inclusion would have&#xd;
      been antidilutive.&amp;#160;&amp;#160;Had these instruments been&#xd;
      included, the fully diluted weighted average shares&#xd;
      outstanding would have increased by approximately 2,852,000&#xd;
      and 2,714,000 for the three months ended September 30, 2011&#xd;
      and 2010, respectively, and 2,778,000 and 2,507,000 for the&#xd;
      nine months ended September 30, 2011 and 2010,&#xd;
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        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.cadizinc.com/role/Note000000" id="cdzi_Note000000">
        <link:definition>012 - Disclosure - Note 7- Net Loss Per Common Share</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.cadizinc.com/role/DocumentAndEntityInformation" id="DocumentAndEntityInformation">
        <link:definition>000 - Disclosure - Document And Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
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  </xs:annotation>
  <xs:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <xs:import namespace="http://fasb.org/us-types/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-types-2011-01-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/>
  <xs:import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/>
  <xs:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
  <xs:element name="ConsolidatedStatementsOfOperationsUnauditedAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_ConsolidatedStatementsOfOperationsUnauditedAbstract"/>
  <xs:element name="ConsolidatedBalanceSheetsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_ConsolidatedBalanceSheetsAbstract"/>
  <xs:element name="CurrentAssetsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_CurrentAssetsAbstract"/>
  <xs:element name="CurrentLiabilitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_CurrentLiabilitiesAbstract"/>
  <xs:element name="ConsolidatedStatementsOfCashFlowsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_ConsolidatedStatementsOfCashFlowsAbstract"/>
  <xs:element name="CashFlowsFromOperatingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_CashFlowsFromOperatingActivitiesAbstract"/>
  <xs:element name="AdjustmentsToReconcileNetLossToNetCashUsedForOperatingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_AdjustmentsToReconcileNetLossToNetCashUsedForOperatingActivitiesAbstract"/>
  <xs:element name="ChangesInOperatingAssetsAndLiabilitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_ChangesInOperatingAssetsAndLiabilitiesAbstract"/>
  <xs:element name="CashFlowsFromInvestingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_CashFlowsFromInvestingActivitiesAbstract"/>
  <xs:element name="CashFlowsFromFinancingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_CashFlowsFromFinancingActivitiesAbstract"/>
  <xs:element name="ConsolidatedStatementsOfStockholdersEquityAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_ConsolidatedStatementsOfStockholdersEquityAbstract"/>
  <xs:element name="SignificantAccountingPoliciesTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_SignificantAccountingPoliciesTextBlockAbstract"/>
  <xs:element name="PropertyPlantAndEquipmentDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_PropertyPlantAndEquipmentDisclosureTextBlockAbstract"/>
  <xs:element name="DebtDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_DebtDisclosureTextBlockAbstract"/>
  <xs:element name="StockholdersEquityNoteDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_StockholdersEquityNoteDisclosureTextBlockAbstract"/>
  <xs:element name="ShareBasedCompensationOptionAndIncentivePlansPolicyPolicyTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_ShareBasedCompensationOptionAndIncentivePlansPolicyPolicyTextBlockAbstract"/>
  <xs:element name="IncomeTaxDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_IncomeTaxDisclosureTextBlockAbstract"/>
  <xs:element name="EarningsPerShareTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_EarningsPerShareTextBlockAbstract"/>
  <xs:element name="DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="cdzi_DocumentAndEntityInformationAbstract"/>
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>cdzi-20110930_cal.xml
<DESCRIPTION>XBRL CALCULATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Mon Nov 07 22:11:26 UTC 2011 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#cdzi_ConsolidatedBalanceSheet" roleURI="http://www.cadizinc.com/role/ConsolidatedBalanceSheet"/>
  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#cdzi_ConsolidatedCashFlow" roleURI="http://www.cadizinc.com/role/ConsolidatedCashFlow"/>
  <calculationLink xlink:type="extended" xlink:role="http://www.cadizinc.com/role/ConsolidatedIncomeStatement">
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    <loc xlink:type="locator" xlink:label="us-gaap_CostOfGoodsAndServicesSold" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostOfGoodsAndServicesSold"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_CostsAndExpenses" xlink:to="us-gaap_CostOfGoodsAndServicesSold" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_GeneralAndAdministrativeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_CostsAndExpenses" xlink:to="us-gaap_GeneralAndAdministrativeExpense" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DepreciationAndAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationAndAmortization"/>
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    <loc xlink:type="locator" xlink:label="us-gaap_InterestIncomeExpenseNet" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestIncomeExpenseNet"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_InterestIncomeExpenseNet" order="2" weight="1"/>
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue" order="1" weight="1"/>
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    <loc xlink:type="locator" xlink:label="us-gaap_Assets" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets"/>
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_PropertyPlantAndEquipmentNet" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Goodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Goodwill"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Goodwill" order="3" weight="1"/>
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_LiabilitiesCurrent" order="1" weight="1"/>
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_LongTermDebtNoncurrent" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DerivativeLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DerivativeLiabilities"/>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>9
<FILENAME>cdzi-20110930_def.xml
<DESCRIPTION>XBRL DEFINITION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Mon Nov 07 22:11:26 UTC 2011 -->
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>cdzi-20110930_lab.xml
<DESCRIPTION>XBRL LABELS LINKBASE DOCUMENT
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Mon Nov 07 22:11:26 UTC 2011 -->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Income tax provision</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xml:lang="en-US">Net loss applicable to common stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US">Basic and diluted net loss per common share (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US">Basic and diluted weighted average shares outstanding (in Shares)</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_ConsolidatedBalanceSheetsAbstract" xlink:to="cdzi_ConsolidatedBalanceSheetsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_ConsolidatedBalanceSheetsAbstract_lbl0" xml:lang="en-US">Consolidated Balance Sheets [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_ConsolidatedBalanceSheetsAbstract" xlink:to="cdzi_ConsolidatedBalanceSheetsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl0" xml:lang="en-US">ASSETS [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl0"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdzi_CurrentAssetsAbstract_lbl" xml:lang="en-US">Current assets:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_CurrentAssetsAbstract" xlink:to="cdzi_CurrentAssetsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_CurrentAssetsAbstract_lbl0" xml:lang="en-US">Current assets: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_CurrentAssetsAbstract" xlink:to="cdzi_CurrentAssetsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountsReceivableNetCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Accounts receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent_lbl" xml:lang="en-US">Prepaid expenses and other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="us-gaap_PrepaidExpenseAndOtherAssetsCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property, plant, equipment and water programs, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Goodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Goodwill"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US">Goodwill</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Goodwill" xlink:to="us-gaap_Goodwill_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherAssetsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherAssetsNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Assets" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl0" xml:lang="en-US">LIABILITIES AND STOCKHOLDERS&#8217; EQUITY [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="cdzi_CurrentLiabilitiesAbstract" xlink:href="cdzi-20110930.xsd#cdzi_CurrentLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdzi_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US">Current liabilities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_CurrentLiabilitiesAbstract" xlink:to="cdzi_CurrentLiabilitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_CurrentLiabilitiesAbstract_lbl0" xml:lang="en-US">Current liabilities: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_CurrentLiabilitiesAbstract" xlink:to="cdzi_CurrentLiabilitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountsPayableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccruedLiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LongTermDebtCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US">Current portion of long term debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="us-gaap_LongTermDebtCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LongTermDebtNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Long-term debt, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DerivativeLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DerivativeLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeLiabilities_lbl" xml:lang="en-US">Derivative liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeLiabilities" xlink:to="us-gaap_DerivativeLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US">Tax liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:to="us-gaap_DeferredTaxLiabilitiesNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OtherLongTermDebtNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherLongTermDebtNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLongTermDebtNoncurrent_lbl" xml:lang="en-US">Other long-term liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLongTermDebtNoncurrent" xlink:to="us-gaap_OtherLongTermDebtNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Liabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Liabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders&#8217; equity:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl0" xml:lang="en-US">Stockholders&#8217; equity: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock - $.01 par value; 70,000,000 shares authorized; shares issued and outstanding &#8211; 14,192,874 at September 30, 2011 and 13,677,772 at December 31, 2010</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AdditionalPaidInCapital" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional paid-in capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Accumulated deficit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total stockholders&#8217; (deficit) equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock - shares authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_ConsolidatedStatementsOfCashFlowsAbstract_lbl0" xml:lang="en-US">Consolidated Statements of Cash Flows [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_CashFlowsFromOperatingActivitiesAbstract_lbl0" xml:lang="en-US">Cash flows from operating activities: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_CashFlowsFromOperatingActivitiesAbstract" xlink:to="cdzi_CashFlowsFromOperatingActivitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdzi_AdjustmentsToReconcileNetLossToNetCashUsedForOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net loss to net cash used for operating activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_AdjustmentsToReconcileNetLossToNetCashUsedForOperatingActivitiesAbstract" xlink:to="cdzi_AdjustmentsToReconcileNetLossToNetCashUsedForOperatingActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_AdjustmentsToReconcileNetLossToNetCashUsedForOperatingActivitiesAbstract_lbl0" xml:lang="en-US">Adjustments to reconcile net loss to net cash used for operating activities: [Abstract]</label>
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    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities"/>
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    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
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    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt"/>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash provided by (used in) financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net decrease in cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl0" xml:lang="en-US">Cash and cash equivalents, beginning of period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl1" xml:lang="en-US">Cash and cash equivalents, end of period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl1"/>
    <loc xlink:type="locator" xlink:label="cdzi_ConsolidatedStatementsOfStockholdersEquityAbstract" xlink:href="cdzi-20110930.xsd#cdzi_ConsolidatedStatementsOfStockholdersEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cdzi_ConsolidatedStatementsOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Consolidated Statements of Stockholders&apos; Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_ConsolidatedStatementsOfStockholdersEquityAbstract" xlink:to="cdzi_ConsolidatedStatementsOfStockholdersEquityAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_ConsolidatedStatementsOfStockholdersEquityAbstract_lbl0" xml:lang="en-US">Consolidated Statements of Stockholders&apos; Equity [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_ConsolidatedStatementsOfStockholdersEquityAbstract" xlink:to="cdzi_ConsolidatedStatementsOfStockholdersEquityAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_lbl0" xml:lang="en-US">Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_lbl1" xml:lang="en-US">Balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Balance (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesIssued_lbl0" xml:lang="en-US">Balance (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_lbl" xml:lang="en-US">Stock awards</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross" xlink:to="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xml:lang="en-US">Stock awards (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Issuance of common stock for cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Issuance of common stock for cash (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Convertible term loan conversion option</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xml:lang="en-US">Stock based compensation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl"/>
    <loc xlink:type="locator" xlink:label="cdzi_SignificantAccountingPoliciesTextBlockAbstract" xlink:href="cdzi-20110930.xsd#cdzi_SignificantAccountingPoliciesTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_SignificantAccountingPoliciesTextBlockAbstract_lbl" xml:lang="en-US">Note 1 - Description Of Business And Summary Of Significant Accounting Policies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_SignificantAccountingPoliciesTextBlockAbstract" xlink:to="cdzi_SignificantAccountingPoliciesTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="cdzi_PropertyPlantAndEquipmentDisclosureTextBlockAbstract" xlink:href="cdzi-20110930.xsd#cdzi_PropertyPlantAndEquipmentDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_PropertyPlantAndEquipmentDisclosureTextBlockAbstract_lbl" xml:lang="en-US">Note 2 - Property, Plant, Equipment And Water Programs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_PropertyPlantAndEquipmentDisclosureTextBlockAbstract" xlink:to="cdzi_PropertyPlantAndEquipmentDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US">Property, Plant and Equipment Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="cdzi_DebtDisclosureTextBlockAbstract" xlink:href="cdzi-20110930.xsd#cdzi_DebtDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_DebtDisclosureTextBlockAbstract_lbl" xml:lang="en-US">Note 3 - Long-Term Debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_DebtDisclosureTextBlockAbstract" xlink:to="cdzi_DebtDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_DebtDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DebtDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US">Debt Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureTextBlock" xlink:to="us-gaap_DebtDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="cdzi_StockholdersEquityNoteDisclosureTextBlockAbstract" xlink:href="cdzi-20110930.xsd#cdzi_StockholdersEquityNoteDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_StockholdersEquityNoteDisclosureTextBlockAbstract_lbl" xml:lang="en-US">Note 4 - Common Stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_StockholdersEquityNoteDisclosureTextBlockAbstract" xlink:to="cdzi_StockholdersEquityNoteDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">Stockholders&apos; Equity Note Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="cdzi_ShareBasedCompensationOptionAndIncentivePlansPolicyPolicyTextBlockAbstract" xlink:href="cdzi-20110930.xsd#cdzi_ShareBasedCompensationOptionAndIncentivePlansPolicyPolicyTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_ShareBasedCompensationOptionAndIncentivePlansPolicyPolicyTextBlockAbstract_lbl" xml:lang="en-US">Note 5 - Stock-Based Compensation Plans And Warrants</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_ShareBasedCompensationOptionAndIncentivePlansPolicyPolicyTextBlockAbstract" xlink:to="cdzi_ShareBasedCompensationOptionAndIncentivePlansPolicyPolicyTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xml:lang="en-US">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl"/>
    <loc xlink:type="locator" xlink:label="cdzi_IncomeTaxDisclosureTextBlockAbstract" xlink:href="cdzi-20110930.xsd#cdzi_IncomeTaxDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_IncomeTaxDisclosureTextBlockAbstract_lbl" xml:lang="en-US">Note 6 - Income Taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_IncomeTaxDisclosureTextBlockAbstract" xlink:to="cdzi_IncomeTaxDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xml:lang="en-US">Income Tax Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="us-gaap_IncomeTaxDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="cdzi_EarningsPerShareTextBlockAbstract" xlink:href="cdzi-20110930.xsd#cdzi_EarningsPerShareTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_EarningsPerShareTextBlockAbstract_lbl" xml:lang="en-US">Note 7- Net Loss Per Common Share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_EarningsPerShareTextBlockAbstract" xlink:to="cdzi_EarningsPerShareTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_EarningsPerShareTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US">Earnings Per Share [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US">Scenario, Unspecified [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScenarioUnspecifiedDomain" xlink:to="us-gaap_ScenarioUnspecifiedDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementScenarioAxis_lbl" xml:lang="en-US">Statement, Scenario [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_StatementScenarioAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AdditionalPaidInCapitalMember" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid-in Capital [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementEquityComponentsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementEquityComponentsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Statement, Equity Components [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RetainedEarningsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Retained Earnings [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl"/>
    <loc xlink:type="locator" xlink:label="cdzi_DocumentAndEntityInformationAbstract" xlink:href="cdzi-20110930.xsd#cdzi_DocumentAndEntityInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cdzi_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document and Entity Information [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cdzi_DocumentAndEntityInformationAbstract" xlink:to="cdzi_DocumentAndEntityInformationAbstract_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl0" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl0" xml:lang="en-US">Proceeds from Issuance of Common Stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl0" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_lbl0" xml:lang="en-US">Stock Issued During Period, Value, Restricted Stock Award, Gross</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross" xlink:to="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCentralIndexKey"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_lbl0" xml:lang="en-US">Liabilities, Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl0" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl0" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentPeriodEndDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl0" xml:lang="en-US">Stock Issued During Period, Value, New Issues</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl0" xml:lang="en-US">Repayments of Long-term Debt</label>
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    <loc xlink:type="locator" xlink:label="dei_AmendmentFlag" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_AmendmentFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl"/>
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    <loc xlink:type="locator" xlink:label="dei_DocumentType" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentType"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_AmendmentDescription" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_AmendmentDescription"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl0" xml:lang="en-US">Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl0" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Diluted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesIssued_lbl1" xml:lang="en-US">Shares, Issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl1"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalPeriodFocus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl0" xml:lang="en-US">Liabilities and Equity</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl0"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</label>
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    <loc xlink:type="locator" xlink:label="dei_EntityPublicFloat" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityPublicFloat"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityFilerCategory" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityFilerCategory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</label>
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    <loc xlink:type="locator" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityWellKnownSeasonedIssuer"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl2" xml:lang="en-US">Stockholders&apos; Equity Attributable to Parent</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpenses_lbl0" xml:lang="en-US">Costs and Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpenses" xlink:to="us-gaap_CostsAndExpenses_lbl0"/>
    <loc xlink:type="locator" xlink:label="dei_EntityRegistrantName" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityRegistrantName"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCurrentReportingStatus" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCurrentReportingStatus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</label>
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    <loc xlink:type="locator" xlink:label="us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</label>
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  </labelLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>cdzi-20110930_pre.xml
<DESCRIPTION>XBRL PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Mon Nov 07 22:11:26 UTC 2011 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#cdzi_ConsolidatedBalanceSheet" roleURI="http://www.cadizinc.com/role/ConsolidatedBalanceSheet"/>
  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#cdzi_ConsolidatedBalanceSheet_Parentheticals" roleURI="http://www.cadizinc.com/role/ConsolidatedBalanceSheet_Parentheticals"/>
  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#cdzi_ConsolidatedCashFlow" roleURI="http://www.cadizinc.com/role/ConsolidatedCashFlow"/>
  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#cdzi_ShareholdersEquityType2or3" roleURI="http://www.cadizinc.com/role/ShareholdersEquityType2or3"/>
  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#cdzi_Note" roleURI="http://www.cadizinc.com/role/Note"/>
  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#cdzi_Note0" roleURI="http://www.cadizinc.com/role/Note0"/>
  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#cdzi_Note00" roleURI="http://www.cadizinc.com/role/Note00"/>
  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#cdzi_Note000" roleURI="http://www.cadizinc.com/role/Note000"/>
  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#cdzi_Note0000" roleURI="http://www.cadizinc.com/role/Note0000"/>
  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#cdzi_Note00000" roleURI="http://www.cadizinc.com/role/Note00000"/>
  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#cdzi_Note000000" roleURI="http://www.cadizinc.com/role/Note000000"/>
  <roleRef xlink:type="simple" xlink:href="cdzi-20110930.xsd#DocumentAndEntityInformation" roleURI="http://www.cadizinc.com/role/DocumentAndEntityInformation"/>
  <presentationLink xlink:type="extended" xlink:role="http://www.cadizinc.com/role/ConsolidatedIncomeStatement">
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0EABAG"><tr><th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets (USD $)<br />In Thousands</strong></div></th><th class="th"><div>Sep. 30, 2011</div></th><th class="th"><div>Dec. 31, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td><td class="nump">$ 3,452<span /></td><td class="nump">$ 5,911<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable</a></td><td class="nump">144<span /></td><td class="nump">277<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other</a></td><td class="nump">738<span /></td><td class="nump">299<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td><td class="nump">4,334<span /></td><td class="nump">6,487<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property, plant, equipment and water programs, net</a></td><td class="nump">40,822<span /></td><td class="nump">38,315<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td><td class="nump">3,813<span /></td><td class="nump">3,813<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td><td class="nump">352<span /></td><td class="nump">321<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total Assets</a></td><td class="nump">49,321<span /></td><td class="nump">48,936<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract', window );"><strong>LIABILITIES AND STOCKHOLDERS&#x2019; EQUITY</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td><td class="nump">863<span /></td><td class="nump">358<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued liabilities</a></td><td class="nump">918<span /></td><td class="nump">1,518<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion of long term debt</a></td><td class="nump">8<span /></td><td class="nump">16<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td><td class="nump">1,789<span /></td><td class="nump">1,892<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt, net</a></td><td class="nump">50,517<span /></td><td class="nump">44,403<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Derivative liabilities</a></td><td class="text">&#xA0;<span /></td><td class="nump">451<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Tax liability</a></td><td class="nump">321<span /></td><td class="nump">321<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLongTermDebtNoncurrent', window );">Other long-term liabilities</a></td><td class="nump">1,423<span /></td><td class="nump">923<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total Liabilities</a></td><td class="nump">54,050<span /></td><td class="nump">47,990<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock - $.01 par value; 70,000,000 shares authorized; shares issued and outstanding &#x2013; 14,192,874 at September 30, 2011 and 13,677,772 at December 31, 2010</a></td><td class="nump">142<span /></td><td class="nump">137<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td><td class="nump">288,766<span /></td><td class="nump">282,359<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td><td class="num">(293,637)<span /></td><td class="num">(281,550)<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total stockholders&#x2019; (deficit) equity</a></td><td class="num">(4,729)<span /></td><td class="nump">946<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total Liabilities and Stockholders&#x2019; equity</a></td><td class="nump">$ 49,321<span /></td><td class="nump">$ 48,936<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 19<br /><br /><br /><br /> -Subparagraph a<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.19(a))<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AccountsPayableCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 3<br /><br /><br /><br /> -Subparagraph a(1)<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 4<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.3-4)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 20<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.20)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AccruedLiabilitiesCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 31<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.30(a)(1))<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Article 7<br /><br /><br /><br /> -Section 03<br /><br /><br /><br /> -Paragraph 12<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Concepts (CON)<br /><br /><br /><br /> -Number 6<br /><br /><br /><br /> -Paragraph 25<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 18<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.18)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_Assets</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AssetsAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section 45<br /><br /><br /><br /> -Paragraph 3<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Section 45<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 9<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.9)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section 45<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AssetsCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.1)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 95<br /><br /><br /><br /> -Paragraph 7<br /><br /><br /><br /> -Footnote 1<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 230<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section 45<br /><br /><br /><br /> -Paragraph 4<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br /><br /><br /><br /><br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 95<br /><br /><br /><br /> -Paragraph 8, 9<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section 45<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (a)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br /><br /><br /><br /><br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Glossary Cash<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br /><br /><br /><br /><br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 95<br /><br /><br /><br /> -Paragraph 7, 26<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 9: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Glossary Cash Equivalents<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 30<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.29)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommonStockValue</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesNoncurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise separates deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 740<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section 45<br /><br /><br /><br /> -Paragraph 9<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31958-109318<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 109<br /><br /><br /><br /> -Paragraph 41, 42<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 740<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section 45<br /><br /><br /><br /> -Paragraph 4<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31917-109318<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 740<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section 45<br /><br /><br /><br /> -Paragraph 6<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31931-109318<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_DeferredTaxLiabilitiesNoncurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 825<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section 50<br /><br /><br /><br /> -Paragraph 15<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13495-108611<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 815<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section 45<br /><br /><br /><br /> -Paragraph 6<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name FASB Staff Position (FSP)<br /><br /><br /><br /> -Number FIN39-1<br /><br /><br /><br /> -Paragraph 10A, 10B<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 815<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section 45<br /><br /><br /><br /> -Paragraph 5<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br /><br /><br /><br /><br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 133<br /><br /><br /><br /> -Paragraph 4, 17<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 825<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section 50<br /><br /><br /><br /> -Paragraph 10<br /><br /><br /><br /> -Subparagraph (a)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13433-108611<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_DerivativeLiabilities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 142<br /><br /><br /><br /> -Paragraph 45<br /><br /><br /><br /> -Subparagraph e<br /><br /><br /><br /> -Clause 1<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 142<br /><br /><br /><br /> -Paragraph 43<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 141R<br /><br /><br /><br /> -Paragraph 68<br /><br /><br /><br /> -Subparagraph l<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 142<br /><br /><br /><br /> -Paragraph 45<br /><br /><br /><br /> -Subparagraph e<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 141R<br /><br /><br /><br /> -Paragraph 34<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 350<br /><br /><br /><br /> -SubTopic 20<br /><br /><br /><br /> -Section 50<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6905597&amp;loc=d3e13816-109267<br /><br /><br /><br /><br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 350<br /><br /><br /><br /> -SubTopic 20<br /><br /><br /><br /> -Section 45<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br /><br /><br /><br /><br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 141R<br /><br /><br /><br /> -Paragraph 72<br /><br /><br /><br /> -Subparagraph d<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_Goodwill</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.19-26)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_Liabilities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 32<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.32)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Article 7<br /><br /><br /><br /> -Section 03<br /><br /><br /><br /> -Paragraph 25<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_LiabilitiesAndStockholdersEquityAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 21<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.21)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_LiabilitiesCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of the portions of the carrying amounts as of the balance sheet date of long-term debt, which may include notes payable, bonds payable, debentures, mortgage loans, and commercial paper, which are scheduled to be repaid within one year or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 20<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 19<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.19,20)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_LongTermDebtCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 22<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.22)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_LongTermDebtNoncurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 17<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.17)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OtherAssetsNoncurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLongTermDebtNoncurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of debt not otherwise defined (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 22<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.22)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OtherLongTermDebtNoncurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 8<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher AICPA<br /><br /><br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /><br /><br /> -Number 43<br /><br /><br /><br /> -Section A<br /><br /><br /><br /> -Paragraph 4<br /><br /><br /><br /> -Chapter 3<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Section 45<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_PrepaidExpenseAndOtherAssetsCurrent</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.13)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Article 7<br /><br /><br /><br /> -Section 03<br /><br /><br /><br /> -Paragraph 8<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 13<br /><br /><br /><br /> -Subparagraph a<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /><br /><br /> -Number 12<br /><br /><br /><br /> -Paragraph 5<br /><br /><br /><br /> -Subparagraph b, c<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 360<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section 50<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.31(a)(3))<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher AICPA<br /><br /><br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /><br /><br /> -Number 12<br /><br /><br /><br /> -Paragraph 10<br /><br /><br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 31<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 04<br /><br /><br /><br /> -Article 3<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 210<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 1<br /><br /><br /><br /> -Subparagraph (SX 210.5-02.29-31)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /><br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher AICPA<br /><br /><br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /><br /><br /> -Number 51<br /><br /><br /><br /> -Paragraph A3<br /><br /><br /><br /> -Appendix A<br /><br /><br /><br /><br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Regulation S-X (SX)<br /><br /><br /><br /> -Number 210<br /><br /><br /><br /> -Section 02<br /><br /><br /><br /> -Paragraph 29, 30, 31<br /><br /><br /><br /> -Article 5<br /><br /><br /><br /><br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher SEC<br /><br /><br /><br /> -Name Staff Accounting Bulletin (SAB)<br /><br /><br /><br /> -Number Topic 4<br /><br /><br /><br /> -Section E<br /><br /><br /><br /><br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /><br /><br /> -Publisher FASB<br /><br /><br /><br /> -Name Accounting Standards Codification<br /><br /><br /><br /> -Topic 310<br /><br /><br /><br /> -SubTopic 10<br /><br /><br /><br /> -Section S99<br /><br /><br /><br /> -Paragraph 2<br /><br /><br /><br /> -Subparagraph (SAB TOPIC 4.E)<br /><br /><br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br /><br /><br /><br /><br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockholdersEquity</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0EAJAC"><tr><th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets (Parentheticals) (USD $)<br /></strong></div></th><th class="th"><div>Sep. 30, 2011</div></th><th class="th"><div>Dec. 31, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock - par value (in Dollars per share)</a></td><td class="nump">$ 0.01<span /></td><td class="nump">$ 0.01<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock - shares authorized</a></td><td class="nump">70,000,000<span /></td><td class="nump">70,000,000<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock - shares issued</a></td><td class="nump">14,192,874<span /></td><td class="nump">13,677,772<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock - shares outstanding</a></td><td class="nump">14,192,874<span /></td><td class="nump">13,677,772<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 30<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 129<br /><br /> -Paragraph 4<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.5-02.29)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>num:perShareItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 30<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.5-02.29)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 30<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.5-02.29)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommonStockSharesIssued</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.3-04)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 2<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.5-02.29)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 30<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E4KAE"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information<br /></strong></div></th><th class="th" colspan="1">9 Months Ended</th><th class="th" colspan="1" /></tr><tr><th class="th"><div>Sep. 30, 2011</div></th><th class="th"><div>Nov. 04, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdzi_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td><td class="text">CADIZ INC<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td><td class="text">10-Q<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td><td class="text">--12-31<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td><td class="text">&#xA0;<span /></td><td class="nump">14,192,874<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td><td class="text">false<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td><td class="text">0000727273<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td><td class="text">Yes<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td><td class="text">No<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td><td class="text">Accelerated Filer<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td><td class="text">No<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td><td class="text">Sep. 30,
         2011<span /></td><td class="text"><span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td><td class="text">2011<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td><td class="text">Q3<span /></td><td class="text">&#xA0;<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdzi_DocumentAndEntityInformationAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>cdzi_DocumentAndEntityInformationAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>cdzi</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document as an amendment to previously-filed/accepted document.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_AmendmentFlag</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:booleanItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_CurrentFiscalYearEndDate</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:gMonthDayItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>dei:fiscalPeriodItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_DocumentFiscalYearFocus</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:gYearItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_DocumentPeriodEndDate</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:dateItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). 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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0ELG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Income Taxes<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">Income Tax Disclosure [Text Block]</a></td><td class="text"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTE 6

      &#8211; INCOME TAXES</font></font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As

      of September 30, 2011, the Company had net operating loss

      (&#8220;NOL&#8221;) carryforwards of approximately $114

      million for federal income tax purposes and $71 million for

      California state income tax purposes.&#160;&#160;Such

      carryforwards expire in varying amounts through the year

      2031.&#160;&#160;Use of the carryforward amounts is subject

      to an annual limitation as a result of ownership

      changes.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      addition, on August 26, 2005, a Settlement Agreement between

      Cadiz, on one hand, and Sun World and three of Sun

      World&#8217;s subsidiaries, on the other hand, was approved

      by the U.S. Bankruptcy Court, concurrently with the

      Court&#8217;s confirmation of the amended

      Plan.&#160;&#160;The Settlement Agreement provides that

      following the September 6, 2005, effective date of Sun

      World&#8217;s plan of reorganization, Cadiz will retain the

      right to utilize the Sun World net operating loss carryovers

      (&#8220;NOLs&#8221;).&#160;&#160;Sun World Federal NOLs are

      estimated to be approximately $58 million.&#160;&#160;If, in

      any year from calendar year 2005 through calendar year 2011,

      the utilization of such NOLs results in a reduction of

      Cadiz&#8217; tax liability for such year, then Cadiz will pay

      to the Sun World bankruptcy estate 25% of the amount of such

      reduction, and shall retain the remaining 75% for its own

      benefit.&#160;&#160;There is no requirement that Cadiz

      utilize these NOLs during this reimbursement period, or

      provide any reimbursement to the Sun World bankruptcy estate

      for any NOLs used by Cadiz after this reimbursement period

      expires.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As

      of September 30, 2011, the Company possessed unrecognized tax

      benefits totaling approximately $3.3 million.&#160;&#160;None

      of these, if recognized, would affect the Company's effective

      tax rate because the Company has recorded a full valuation

      allowance against these assets.&#160;&#160;Additionally, as

      of that date the Company had approximately $321,000 that was

      previously accrued for state taxes, interest and penalties

      related to income tax positions in prior

      returns.&#160;&#160;Income tax penalties and interest are

      classified as general and administrative

      expenses.&#160;&#160;The Company was not subject to any

      income tax penalties or interest during the nine months ended

      September 30, 2011.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      Company does not expect that the unrecognized tax benefits

      will significantly increase or decrease in the next 12

      months.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      Company's tax years 2008 through 2010 remain subject to

      examination by the Internal Revenue Service, and tax years

      2007 through 2010 remain subject to examination by California

      tax jurisdictions.&#160;&#160;In addition, the Company's loss

      carryforward amounts are generally subject to examination and

      adjustment for a period of three years for federal tax

      purposes and four years for California purposes, beginning

      when such carryovers are utilized to reduce taxes in a future

      tax year.</font>

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      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Because

      it is more likely than not that the Company will not realize

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      allowance against these assets.&#160;&#160;Accordingly, no

      deferred tax asset has been reflected in the accompanying

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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0ELG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Property, Plant, Equipment And Water Programs<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock', window );">Property, Plant and Equipment Disclosure [Text Block]</a></td><td class="text"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

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              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">September

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          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>

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          <td valign="bottom" width="1%">

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          <td colspan="2" valign="bottom" width="10%">

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          <td valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td align="left" valign="bottom" width="76%">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Water

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            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17,780</font>

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          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,496</font>

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td align="left" valign="bottom" width="76%">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Buildings</font>

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          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,187</font>

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,180</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td align="left" valign="bottom" width="76%">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Leasehold

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          </td>

          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">570</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">570</font>

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td align="left" valign="bottom" width="76%">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Furniture

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          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">442</font>

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">442</font>

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td align="left" valign="bottom" width="76%">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Machinery

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          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">978</font>

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">950</font>

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

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          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

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            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">116</font>

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">

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          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">

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          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">

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            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="76%">

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          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42,481</font>

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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        </tr>

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          <td valign="bottom" width="76%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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          <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">

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          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">

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          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

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            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(4,166</font>

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            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>

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          <td valign="bottom" width="76%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>

          </td>

          <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40,822</font>

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>

          </td>

          <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,315</font>

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          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

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      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-36" style="MARGIN-LEFT: 36pt"></font>Depreciation

      expense totaled $92,000 for the three months ended September

      30, 2011, and $81,000 for the three months ended September

      30, 2010.&#160;&#160;Depreciation expense totaled $273,000

      and $263,000 for the nine months ended September 30, 2011 and

      2010, respectively.</font>

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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0ELG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7- Net Loss Per Common Share<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">Earnings Per Share [Text Block]</a></td><td class="text"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTE 7

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      or imputed, if any, by the weighted-average common shares

      outstanding.&#160;&#160;Options, deferred stock units,

      warrants and convertible debt were not considered in the

      computation of diluted EPS because their inclusion would have

      been antidilutive.&#160;&#160;Had these instruments been

      included, the fully diluted weighted average shares

      outstanding would have increased by approximately 2,852,000

      and 2,714,000 for the three months ended September 30, 2011

      and 2010, respectively, and 2,778,000 and 2,507,000 for the

      nine months ended September 30, 2011 and 2010,

      respectively.</font><br />

      <br />

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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0EBSAG"><tr><th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Stockholders' Equity (USD $)<br />In Thousands, except Share data</strong></div></th><th class="th"><div>Common Stock [Member]</div></th><th class="th"><div>Additional Paid-in Capital [Member]</div></th><th class="th"><div>Retained Earnings [Member]</div></th><th class="th"><div>Total</div></th></tr><tr class="rc"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2010</a></td><td class="nump">$ 137<span /></td><td class="nump">$ 282,359<span /></td><td class="num">$ (281,550)<span /></td><td class="nump">$ 946<span /></td></tr><tr class="rc"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Balance (in Shares) at Dec. 31, 2010</a></td><td class="nump">13,677,772<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross', window );">Stock awards</a></td><td class="nump">1<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="nump">1<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Stock awards (in Shares)</a></td><td class="nump">151,466<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of common stock for cash</a></td><td class="nump">4<span /></td><td class="nump">3,995<span /></td><td class="text">&#xA0;<span /></td><td class="nump">3,999<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of common stock for cash (in Shares)</a></td><td class="nump">363,636<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Convertible term loan conversion option</a></td><td class="text">&#xA0;<span /></td><td class="nump">343<span /></td><td class="text">&#xA0;<span /></td><td class="nump">343<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Stock based compensation expense</a></td><td class="text">&#xA0;<span /></td><td class="nump">2,069<span /></td><td class="text">&#xA0;<span /></td><td class="nump">2,069<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="num">(12,087)<span /></td><td class="num">(12,087)<span /></td></tr><tr class="rc"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Sep. 30, 2011</a></td><td class="nump">$ 142<span /></td><td class="nump">$ 288,766<span /></td><td class="num">$ (293,637)<span /></td><td class="num">$ (4,729)<span /></td></tr><tr class="rc"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Balance (in Shares) at Sep. 30, 2011</a></td><td class="nump">14,192,874<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 944<br /><br /> -SubTopic 225<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.7-04.22)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 225<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (SX 210.5-03.18)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph a<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 260<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 1<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 220<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 6<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph A7<br /><br /> -Appendix A<br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 10, 15<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 9: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Other Comprehensive Income<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br /><br /><br /><br />Reference 10: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph d<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 11: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Emerging Issues Task Force (EITF)<br /><br /> -Number 87-21<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 12: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Net Income<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br /><br /><br /><br />Reference 13: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 944<br /><br /> -SubTopic 225<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.7-04.19)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br /><br /><br /><br />Reference 14: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Article 5<br /><br /> -Section 03<br /><br /> -Paragraph 19<br /><br /><br /><br />Reference 15: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28, 29, 30<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 16: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 20<br /><br /> -Article 9<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetIncomeLoss</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssued"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 2<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_SharesIssued</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.5-02.29-31)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph A3<br /><br /> -Appendix A<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30, 31<br /><br /> -Article 5<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Staff Accounting Bulletin (SAB)<br /><br /> -Number Topic 4<br /><br /> -Section E<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 310<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (SAB TOPIC 4.E)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockholdersEquity</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.3-04)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 2<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockIssuedDuringPeriodSharesNewIssues</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.3-04)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 2<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 129<br /><br /> -Paragraph 5<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross value of stock issued during the period upon the conversion of convertible securities.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30, 31<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.3-04)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 2<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 129<br /><br /> -Paragraph 4, 5<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.5-02.29-31)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.3-04)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 2<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30, 31<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockIssuedDuringPeriodValueNewIssues</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate value of stock related to Restricted Stock Awards issued during the period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.3-04)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 2<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30, 31<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30, 31<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.3-04)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 718<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (d)(1)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 123R<br /><br /> -Paragraph 64<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 718<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (c)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0ELG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3 - Long-Term Debt<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">Debt Disclosure [Text Block]</a></td><td class="text"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTE 3

      &#8211; LONG-TERM DEBT</font></font>

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      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      carrying value of the Company's debt, before discount,

      approximates fair value, based on interest rates available to

      the Company for debt with similar terms.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;At

      September 30, 2011, and December 31, 2010, the carrying

      amount of the Company&#8217;s outstanding debt is summarized

      as follows (in thousands):</font>

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        <tr>

          <td valign="bottom" width="76%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>

          </td>

          <td colspan="2" valign="bottom" width="10%">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">September

              30,</font>

            </div>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>

          </td>

          <td align="left" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>

          </td>

          <td colspan="3" valign="bottom" width="11%" style="TEXT-ALIGN: center">

            <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December

              31,</font>

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          </td>

        </tr>

        <tr>

          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>

          </td>

          <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">2011</font></font>

            </div>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>

          </td>

          <td colspan="3" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">2010</font></font>

            </div>

          </td>

        </tr>

        <tr>

          <td valign="bottom" width="76%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td colspan="2" valign="bottom" width="10%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td colspan="3" valign="bottom" width="11%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td align="left" valign="bottom" width="76%">

            <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Zero

              coupon secured convertible term loan due June 29,

              2013.</font>

            </div>

            <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest

              accruing at 5% per annum until June 29, 2009 and at

              6%</font>

            </div>

            <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">thereafter</font>

            </div>

          </td>

          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">55,817</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">51,412</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td align="left" valign="bottom" width="76%">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other

              loans</font>

            </div>

          </td>

          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Debt

              discount, net of accumulated accretion</font>

            </div>

          </td>

          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(5,300</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font>

          </td>

          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(7,013</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)&#160;</font>

          </td>

        </tr>

        <tr>

          <td valign="bottom" width="76%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,525</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,419</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td valign="bottom" width="76%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font id="TAB1-37" style="MARGIN-LEFT: 18pt"></font>Less

              current portion</font>

            </div>

          </td>

          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td valign="bottom" width="76%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="9%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>

          </td>

          <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,517</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>

          </td>

          <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,403</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

      </table><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-38" style="MARGIN-LEFT: 36pt"></font>Pursuant to the

      Company&#8217;s loan agreements, annual maturities of

      long-term debt outstanding on September 30, 2011, are as

      follows:</font>

    </div><br/><table cellpadding="0" cellspacing="0" width="50%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">

        <tr>

          <td valign="bottom" width="75%" style="BORDER-BOTTOM: black 2px solid">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12

              Months</font>

            </div>

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ending

              September 30</font>

            </div>

          </td>

          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td colspan="2" valign="bottom" width="23%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">

            <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.45pt">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(in

              thousands)</font>

            </div>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td align="left" valign="bottom" width="75%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" colspan="2" valign="bottom" width="23%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td valign="bottom" width="75%">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2012</font>

            </div>

          </td>

          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="22%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td valign="bottom" width="75%">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font>

            </div>

          </td>

          <td align="right" valign="bottom" width="1%">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="22%" style="TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">55,817</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td valign="bottom" width="75%" style="PADDING-BOTTOM: 2px">

            <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">

              <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2014</font>

            </div>

          </td>

          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

        <tr>

          <td align="left" valign="bottom" width="75%" style="PADDING-BOTTOM: 4px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

          <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font>

          </td>

          <td valign="bottom" width="22%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">55,825</font>

          </td>

          <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">

            <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font>

          </td>

        </tr>

      </table><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      June 2006, the Company entered into a $36.4 million five year

      zero coupon convertible term loan with Peloton Partners LLP,

      as administrative agent for the loan, and with an affiliate

      of Peloton and another investor, as

      lenders.&#160;&#160;Certain terms of the loan were

      subsequently amended pursuant to Amendment #1 to the Credit

      Agreement, which was effective September 2006.&#160;&#160;On

      April 16, 2008, the Company was advised that Peloton had

      assigned its interest in the loan to an affiliate of Lampe

      Conway &amp; Company LLC (&#8220;Lampe Conway&#8221;), and

      Lampe Conway subsequently replace Peloton as administrative

      agent of the loan (the &#8220;Term

      Loan&#8221;).&#160;&#160;On June 4, 2009, the Company

      completed arrangements to amend the Term Loan with Lampe

      Conway which modified certain of the conversion features and

      extended the maturity date to June 29, 2013.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On

      October 19, 2010 (&#8220;Closing Date&#8221;), the Company

      entered into a new $10 million working capital facility with

      Lampe Conway and other participating lenders (&#8220;the

      Lenders&#8221;).&#160;&#160;The Company drew the first $5

      million on the Closing Date (&#8220;First

      Tranche&#8221;).&#160;&#160;The Company was also granted the

      option to draw up to an additional $5 million over the 12

      months following the Closing Date (&#8220;Second

      Tranche&#8221;), of which $2 million was drawn on June 30,

      2011. No further draws were made on this new facility prior

      to its expiration.&#160;&#160;All interest on outstanding

      balances accrue at 6%, with no principal or interest payments

      required before the new facility&#8217;s June 29, 2013

      maturity date, consistent with the Company&#8217;s existing

      term debt facility.&#160;&#160;</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      First Tranche (including accrued interest) is convertible at

      any time into the Company&#8217;s common stock at a price of

      $13.50 per share and the Second Tranche (including accrued

      interest) is convertible into the Company&#8217;s common

      stock at $12.50 per share.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-39" style="MARGIN-LEFT: 36pt"></font>Also on the

      Closing Date, the Company&#8217;s existing Term Loan with the

      Lenders was modified as to certain of its conversion

      features:</font>

    </div><br/><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">

        <tr valign="top">

          <td align="right" style="WIDTH: 72pt">

            <div>

              <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font>

            </div>

          </td>

          <td style="TEXT-ALIGN: left">

            <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

              <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">$20.62

              million of the existing convertible debt has been

              changed to allow for up to $2.5 million of this

              amount to be converted at any time into the

              Company&#8217;s common stock at the price of $13.50

              per share, with the remaining amount becoming

              non-convertible.</font>

            </div>

          </td>

        </tr>

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        <tr valign="top">

          <td align="right" style="WIDTH: 72pt">

            <div>

              <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font>

            </div>

          </td>

          <td style="TEXT-ALIGN: left">

            <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

              <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If

              the Second Tranche were to be drawn in full,

              approximately $20 million of additional existing debt

              would be changed to allow for up to $5 million of

              this amount to be converted at any time into the

              Company&#8217;s common stock at $12.50 per share,

              with the remaining amount becoming

              non-convertible.</font>

            </div>

          </td>

        </tr>

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        <tr valign="top">

          <td align="right" style="WIDTH: 72pt">

            <div>

              <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font>

            </div>

          </td>

          <td style="TEXT-ALIGN: left">

            <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

              <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

              final $4.55 million of the existing debt continues to

              be convertible at $7 per share.</font>

            </div>

          </td>

        </tr>

      </table><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On

      June 30, 2011, $2 million of the $5 million available Second

      Tranche was drawn.&#160;&#160;As a result of the Second

      Tranche draw, $4 million of the outstanding loan became

      convertible into 320,000 shares of Cadiz common

      stock.&#160;&#160;Further, approximately $10 million of the

      loan that was previously convertible into approximately

      290,000 shares of Cadiz common stock is no longer

      convertible.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;

      The Term Loan is collateralized by substantially all of the

      assets of the Company, and contains representations,

      warranties and covenants that are typical for agreements of

      this type, including restrictions that would limit the

      Company&#8217;s ability to incur additional indebtedness,

      incur liens, pay dividends or make restricted payments,

      dispose of assets, make investments and merge or consolidate

      with another person.&#160;&#160;However, while there are

      affirmative covenants, there are no financial maintenance

      covenants and no restrictions on the Company&#8217;s ability

      to issue additional common stock to fund future working

      capital needs.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-40" style="MARGIN-LEFT: 36pt"></font>As a result of

      the modifications of the convertible debt arrangements in

      June 2009 and October 2010, the change in conversion value

      between the original and modified instrument totaling

      approximately $3.2 million was recorded as additional debt

      discount with an offsetting amount recorded as additional

      paid-in capital.&#160;&#160;Such debt discount is accreted to

      the redemption value of the instrument over the remaining

      term of the loan as additional interest

      expense.&#160;&#160;In connection with the modification

      transaction in October 2010, the Company recorded a

      derivative liability related to the conversion

      option.&#160;&#160;The fair value of the derivative liability

      was marked-to-market at the end of each reporting period and

      recorded as other income (expense).&#160;&#160;On July 25,

      2011, the Company entered into an amendment to the facility

      eliminating the availability to the Company of the unused $3

      million portion of the facility.&#160;&#160;As a result, the

      conversion option related to the unused portion of the

      facility no longer exists and a derivative liability is no

      longer being recorded.</font>

    </div><br/><span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.5-02.19,20,22)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 129<br /><br /> -Paragraph 2, 4<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 19, 20, 22<br /><br /> -Article 5<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 3<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_DebtDisclosureTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>nonnum:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0ELG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Common Stock<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">Stockholders' Equity Note Disclosure [Text Block]</a></td><td class="text"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTE 4

      &#8211; COMMON STOCK</font></font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      October 2007, the Company agreed to the conditional issuance

      of up to 300,000 shares to the former sole shareholder and

      successor in interest to Exploration Research Associates,

      Inc. (&#8220;ERA&#8221;), who is now an employee of the

      Company.&#160;&#160;The agreement settled certain claims by

      ERA against the Company and provided that the 300,000 shares

      will be issued if and when certain significant milestones in

      the development of the Company&#8217;s properties are

      achieved.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      November 2008, the Company entered into an agreement with the

      law firm of Brownstein Hyatt Farber Schreck LLP to provide

      legal and advisory services.&#160;&#160;The primary services

      being provided are advising the Company as to

      the&#160;Water&#160;Project design and implementation, permit

      approvals, environmental compliance, negotiation and drafting

      of agreements related to the Water Project.&#160;&#160;The

      agreement provides for interim payments due upon completion

      of specified milestones with respect to the Water Project,

      with the fee payable in cash and/or stock.&#160;&#160;The

      first such milestone was satisfied on June 4, 2009, resulting

      in an obligation by the Company to pay a fee of $500,000, for

      which the parties agreed to payment in the form of 59,312

      shares of the Company&#8217;s common stock valued at $8.43

      per share, reflecting the fair market value of the stock on

      June 4, 2009.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      June 2011, the Company filed a shelf registration statement

      on Form S-3 registering the sale of up to $50 million of the

      Company&#8217;s common stock in one or more public

      offerings.&#160;&#160;The registration statement was declared

      effective on June 10, 2011.&#160;&#160;On July 8, 2011, the

      Company raised $4.0 million with the sale of 363,636 shares

      at $11.00 per share by way of a takedown from this shelf

      registration.</font>

    </div><br/><span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable).  Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 29, 30, 31<br /><br /> -Article 5<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 310<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (SAB TOPIC 4.E)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 4<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 4<br /><br /> -Subparagraph (SAB TOPIC 4.C)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187143-122770<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 129<br /><br /> -Paragraph 2, 3, 4, 5, 6, 7, 8<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0ELG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Stock-Based Compensation Plans And Warrants<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</a></td><td class="text"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTE 5

      &#8211; STOCK-BASED COMPENSATION PLANS AND

      WARRANTS</font></font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      Company has issued options and has granted stock awards

      pursuant to its 2003 Management Equity Incentive Plan, 2007

      Management Equity Incentive Plan, and 2009 Equity Incentive

      Plan.&#160;&#160;The Company has also granted stock awards

      pursuant to its Outside Director Compensation Plan.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">2003 Management

      Equity Incentive Plan</font></font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      December 2003, concurrently with the completion of the

      Company&#8217;s then current financing arrangements with ING,

      the Company&#8217;s board of directors authorized the

      adoption of a Management Equity Incentive

      Plan.&#160;&#160;Under the Incentive Plan, a total of

      1,472,051 shares of common stock and common stock options

      were granted to key personnel.&#160;&#160;As of September 30,

      2011, a total of 315,000 common stock options remain

      outstanding under this plan.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outside

      Director Compensation Plan</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      Cadiz Inc. Outside Director Compensation Plan was approved by

      Cadiz shareholders in November 2006.&#160;&#160;Under the

      plan, each outside director receives $30,000 of cash

      compensation and receives a deferred stock award consisting

      of shares of the Company&#8217;s common stock with a value

      equal to $20,000 on June 30th of each year.&#160;&#160;The

      award accrues on a quarterly basis, with $7,500 of cash

      compensation and $5,000 of stock earned for each fiscal

      quarter in which a director serves.&#160;&#160;The deferred

      stock award vests automatically on the January 31<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">st</font>

      which first follows the award date.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2007

      Management Equity Incentive Plan</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      2007 Management Equity Incentive Plan was approved by

      stockholders at the 2007 Annual Meeting.&#160;&#160;The plan

      provides for the grant and issuance of up to 1,050,000 shares

      and options to the Company&#8217;s employees and

      consultants.&#160;&#160;The plan became effective when the

      Company filed a registration statement on Form S-8 on July

      25, 2007.&#160;&#160;As of September 30, 2011, a total of

      10,000 common stock options remain outstanding under this

      plan.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2009

      Equity Incentive Plan</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-41" style="MARGIN-LEFT: 36pt"></font>The 2009 Equity

      Incentive Plan was approved by stockholders at the 2009

      Annual Meeting.&#160;&#160;The plan provides for the grant

      and issuance of up to 850,000 shares and options to the

      Company&#8217;s employees and consultants.&#160;&#160;The

      plan became effective when the Company filed a registration

      statement on Form S-8 on December 18, 2009.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      January and February 2010, the Company granted a total of

      402,500 options for the purchase of one share of common stock

      under the 2009 Equity Incentive Plan.&#160;&#160;These

      options have strike prices that are at or slightly above the

      fair market value of the Company&#8217;s common stock on the

      date that the grants became effective.&#160;&#160;In February

      2011, the Company granted 20,000 options for purchase of one

      share of common stock at a price of $12.60 under the 2009

      Equity Incentive Plan.&#160;&#160;In April 2011, the Company

      granted 100,000 options for purchase of one share of common

      stock at a price of $12.51 under the 2009 Equity Incentive

      Plan.&#160;&#160;All options under the 2009 Equity Incentive

      Plan have a ten year term with vesting periods ranging from

      issuance date to 24 months, and all remained outstanding as

      of September 30, 2011.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All

      options that have been issued under the above plans have been

      issued to officers and employees of the

      Company.&#160;&#160;In total, options to purchase 847,500

      shares were unexercised and outstanding on September 30,

      2011, under the three equity incentive plans.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      Company recognized stock option related compensation costs of

      $964,000 and $1,853,000 in the nine months ended September

      30, 2011 and 2010, respectively.&#160;&#160;On September 30,

      2011, there was $534,000 of unamortized compensation expense

      relating to option awards.&#160;&#160;This unamortized

      compensation expense is expected to be recognized through

      April 2013.&#160;&#160;No options were exercised during the

      nine months ended September 30, 2011.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock

      Awards to Directors, Officers, and Consultants</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      Company has granted stock awards pursuant to its 2007

      Management Equity Incentive Plan, 2009 Equity Incentive Plan

      and Outside Director Compensation Plan.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Of

      the total 1,050,000 shares reserved under the 2007 Management

      Equity Incentive Plan, a grant of 950,000 shares became

      effective on July 25, 2007.&#160;&#160;The grant consisted of

      two separate awards.</font>

    </div><br/><table cellpadding="0" cellspacing="0" id="list-2" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">

        <tr valign="top">

          <td align="right" style="WIDTH: 45pt">

            <div>

              <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-&#160;&#160;</font>

            </div>

          </td>

          <td style="TEXT-ALIGN: left">

            <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

              <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;A

              150,000 share award, that vested in three equal

              installments on January 1, 2008, January 1, 2009, and

              January 1, 2010.&#160;&#160;150,000 shares have been

              issued pursuant to this award as of January 2010;

              and</font>

            </div>

          </td>

        </tr>

      </table><br/><table cellpadding="0" cellspacing="0" id="list-3" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">

        <tr valign="top">

          <td align="right" style="WIDTH: 45pt">

            <div>

              <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">-&#160;&#160;</font>

            </div>

          </td>

          <td style="TEXT-ALIGN: left">

            <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">

              <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">800,000

              of the shares were designated as Milestone &#8211;

              Based Deferred Stock, none of which were ultimately

              issued.&#160;&#160;The shares were allocated for

              issuance subject to the satisfaction of certain

              milestone conditions relating to the trading price of

              the Company's common stock during the period

              commencing March 13, 2007, and ending March 12,

              2009.&#160;&#160;The milestone conditions were not

              satisfied by March 12, 2009, resulting in the

              expiration of all 800,000 shares.</font>

            </div>

          </td>

        </tr>

      </table><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Of

      the remaining 100,000 shares reserved under the 2007

      Management Equity Incentive Plan, 10,000 were issued as

      options as described above and 90,000 were issued as shares

      that vested in May 2009 consistent with the terms of the

      agreements pursuant to which those executives provide

      services to the Company.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Of

      the total 850,000 shares reserved under the 2009 Equity

      Incentive Plan, a grant of 115,000 restricted shares of

      common stock became effective on January 14, 2010, and a

      grant of 140,000 restricted shares of common stock became

      effective on January 10, 2011, consistent with the terms of

      the agreements pursuant to which those executives provide

      services to the Company and which contemplate that such

      executives will participate in the Company&#8217;s long-term

      incentive plans.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;

      The recipients of these restricted shares have a contractual

      agreement not to sell any of these shares for a period of

      three years following the effective date.&#160;&#160;Of the

      remaining 595,000 shares reserved under the 2009 Equity

      Incentive Plan, 522,500 were issued as options as described

      above and 72,500 are available for future distribution as of

      September 30, 2011.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under

      the Outside Director Compensation Plan, 48,571 shares have

      been awarded for the plan years ended June 30, 2006, through

      June 30, 2011.&#160;&#160;Of the 48,571 shares awarded,

      39,151 shares have vested and been issued.&#160;&#160;The

      remaining shares will vest on January 31, 2012.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      Company recognized stock based compensation costs related to

      stock based awards of $1,105,000 and $1,298,000 in the nine

      months ended September 30, 2011 and 2010,

      respectively.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Stock

      Purchase Warrants Issued to Non-Employees</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A

      private placement was completed by the Company in November

      and December of 2008 of 165,000 Units at the price of $31.50

      per unit for proceeds of $5,197,500.&#160;&#160;Each Unit

      consists of three (3) shares of the Company&#8217;s common

      stock and two (2) common stock purchase

      warrants.&#160;&#160;The first warrant entitled the holder to

      purchase one (1) share of common stock at an exercise price

      of $12.50 per share.&#160;&#160;On November 17, 2009, the

      exercise price of this Callable Warrant was temporarily

      reduced to $10.50 per share.&#160;&#160;In response, holders

      of 162,849 warrants exercised their warrants, resulting in

      the Company's issuance of 162,849 shares of common stock with

      net proceeds of $1,709,915.&#160;&#160;The remaining 2,151

      warrants were cancelled.&#160;&#160;The second warrant

      entitles the holder to purchase one (1) share of common stock

      at an exercise price of $12.50 per share.&#160;&#160;This

      warrant has a term of three years and is not callable by the

      Company.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      October and November 2009, the Company raised $7.1 million

      with a private placement of 226,200 Units at $31.50 per

      Unit.&#160;&#160;This includes 20,880 Units purchased by the

      Lenders of the Term Loan pursuant to the Lenders&#8217;

      Participation Rights under the Term Loan.&#160;&#160;Each

      Unit consists of three (3) shares of the Company&#8217;s

      common stock and one (1) stock purchase

      warrant.&#160;&#160;The warrant entitles the holder to

      purchase one (1) share of common stock at an exercise price

      of $15.00 per share.&#160;&#160;The warrant has a term of

      three (3) years, but is callable by the Company at any time

      following November 1, 2010, if the closing market price of

      the Company&#8217;s common stock exceeds $22.50 for 10

      consecutive trading days.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">391,200

      warrants remain outstanding as of September 30, 2011.</font>

    </div><br/><span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 718<br /><br /> -SubTopic 10<br /><br /> -URI http://asc.fasb.org/subtopic&amp;trid=2228939<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 718<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (b),(f)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 123R<br /><br /> -Paragraph A240<br /><br /> -Subparagraph a<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Emerging Issues Task Force (EITF)<br /><br /> -Number 06-11<br /><br /> -Paragraph 7<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 235<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 3<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>nonnum:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0EFDAG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows (USD $)<br />In Thousands</strong></div></th><th class="th" colspan="2">9 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th><th class="th"><div>Sep. 30, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdzi_CashFlowsFromOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td><td class="num">$ (12,087)<span /></td><td class="num">$ (11,530)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation</a></td><td class="nump">273<span /></td><td class="nump">263<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfDebtDiscountPremium', window );">Amortization of debt discount &amp; issuance costs</a></td><td class="nump">1,765<span /></td><td class="nump">1,163<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseOther', window );">Interest expense added to loan principal</a></td><td class="nump">2,405<span /></td><td class="nump">2,016<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Unrealized gain on derivative liability</a></td><td class="num">(108)<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Compensation charge for stock and share options</a></td><td class="nump">2,069<span /></td><td class="nump">3,151<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Decrease (increase) in accounts receivable</a></td><td class="nump">133<span /></td><td class="num">(108)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Increase in prepaid expenses and other</a></td><td class="num">(439)<span /></td><td class="num">(142)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets', window );">(Increase) decrease in other assets</a></td><td class="num">(83)<span /></td><td class="nump">32<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayable', window );">Increase (decrease) in accounts payable</a></td><td class="nump">200<span /></td><td class="num">(119)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilities', window );">Increase in accrued liabilities</a></td><td class="nump">28<span /></td><td class="nump">148<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities', window );">Increase in other long-term liabilities</a></td><td class="nump">500<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used for operating activities</a></td><td class="num">(5,344)<span /></td><td class="num">(5,126)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdzi_CashFlowsFromInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Additions to property, plant and equipment</a></td><td class="num">(3,103)<span /></td><td class="num">(743)<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td><td class="num">(3,103)<span /></td><td class="num">(743)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cdzi_CashFlowsFromFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Net proceeds from issuance of common stock</a></td><td class="nump">4,000<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from issuance of long-term debt</a></td><td class="nump">2,000<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Principal payments on long-term debt</a></td><td class="num">(12)<span /></td><td class="num">(17)<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by (used in) financing activities</a></td><td class="nump">5,988<span /></td><td class="num">(17)<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net decrease in cash and cash equivalents</a></td><td class="num">(2,459)<span /></td><td class="num">(5,886)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents, beginning of period</a></td><td class="nump">5,911<span /></td><td class="nump">8,878<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents, end of period</a></td><td class="nump">$ 3,452<span /></td><td class="nump">$ 2,992<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdzi_CashFlowsFromFinancingActivitiesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>cdzi_CashFlowsFromFinancingActivitiesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>cdzi</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdzi_CashFlowsFromInvestingActivitiesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>cdzi_CashFlowsFromInvestingActivitiesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>cdzi</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cdzi_CashFlowsFromOperatingActivitiesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>cdzi_CashFlowsFromOperatingActivitiesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>cdzi</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfDebtDiscountPremium"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The component of interest expense representing the noncash expenses charged against earnings in the period to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate caption: Noncash Interest Expense.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (b)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 225<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (SX 210.5-03.8)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 21<br /><br /> -Paragraph 16<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Article 5<br /><br /> -Section 03<br /><br /> -Paragraph 8<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 835<br /><br /> -SubTopic 30<br /><br /> -Section 45<br /><br /> -Paragraph 1A<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28541-108399<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_AmortizationOfDebtDiscountPremium</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.5-02.1)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 1<br /><br /> -Article 5<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 7<br /><br /> -Footnote 1<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 4<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 8, 9<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Cash<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 7, 26<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 9: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Cash Equivalents<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 26<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 24<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (b)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_DepreciationDepletionAndAmortization</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayable"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInAccountsPayable</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInAccruedLiabilities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInOtherOperatingAssets</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInOtherOperatingLiabilities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or  income taxes.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseOther"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher OTS<br /><br /> -Name Federal Regulation (FR)<br /><br /> -Number Title 12<br /><br /> -Chapter V<br /><br /> -Section 563c.102<br /><br /> -Paragraph 6<br /><br /> -Subsection II<br /><br /> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Audit and Accounting Guide (AAG)<br /><br /> -Number AAG-BRD<br /><br /> -Chapter 4<br /><br /> -Paragraph 55<br /><br /> -IssueDate 2006-05-01<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Statement of Position (SOP)<br /><br /> -Number 01-6<br /><br /> -Paragraph 14<br /><br /> -Subparagraph l<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_InterestExpenseOther</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash inflow or outflow from financing activity for the period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 26<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 24<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 26<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash inflow or outflow from investing activity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 26<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 24<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 26<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 24<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 25<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 26<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 944<br /><br /> -SubTopic 225<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.7-04.22)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 225<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (SX 210.5-03.18)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph a<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 260<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 1<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 220<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 6<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph A7<br /><br /> -Appendix A<br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 10, 15<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 9: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Other Comprehensive Income<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br /><br /><br /><br />Reference 10: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph d<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 11: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Emerging Issues Task Force (EITF)<br /><br /> -Number 87-21<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 12: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Net Income<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br /><br /><br /><br />Reference 13: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 944<br /><br /> -SubTopic 225<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.7-04.19)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br /><br /><br /><br />Reference 14: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Article 5<br /><br /> -Section 03<br /><br /> -Paragraph 19<br /><br /><br /><br />Reference 15: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28, 29, 30<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 16: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 20<br /><br /> -Article 9<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetIncomeLoss</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 13<br /><br /> -Subparagraph (c)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 15<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 17<br /><br /> -Subparagraph c<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Investing Activities<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 14<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 18<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 19<br /><br /> -Subparagraph a<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Financing Activities<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ProceedsFromIssuanceOfCommonStock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 14<br /><br /> -Subparagraph (b)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 18<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 19<br /><br /> -Subparagraph b<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Financing Activities<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ProceedsFromIssuanceOfLongTermDebt</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermDebt"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 15<br /><br /> -Subparagraph (b)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 18<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 20<br /><br /> -Subparagraph b<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Financing Activities<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_RepaymentsOfLongTermDebt</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ShareBasedCompensation</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnDerivatives"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (b)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_UnrealizedGainLossOnDerivatives</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0ELG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Description Of Business And Summary Of Significant Accounting Policies<br /></strong></div></th><th class="th" colspan="1">3 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies [Text Block]</a></td><td class="text"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">NOTE 1

      &#8211; DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT

      ACCOUNTING POLICIES</font></font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      Consolidated Financial Statements have been prepared by Cadiz

      Inc., sometimes referred to as &#8220;Cadiz&#8221; or

      &#8220;the Company&#8221;, without audit and should be read

      in conjunction with the Consolidated Financial Statements and

      notes thereto included in the Company&#8217;s Form 10-K for

      the year ended December 31, 2010.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Basis

      of Presentation</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      foregoing Consolidated Financial Statements include the

      accounts of the Company and contain all adjustments,

      consisting only of normal recurring adjustments, which the

      Company considers necessary for a fair statement of the

      Company&#8217;s financial position, the results of its

      operations and its cash flows for the periods presented and

      have been prepared in accordance with generally accepted

      accounting principles.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      preparation of financial statements in conformity with

      generally accepted accounting principles requires Management

      to make estimates and assumptions that affect the amounts

      reported in the financial statements and the accompanying

      notes.&#160;&#160;Actual results could differ from those

      estimates and such differences may be material to the

      financial statements. This quarterly report on Form 10-Q

      should be read in conjunction with the Company&#8217;s Form

      10-K for the year ended December&#160;31,

      2010.&#160;&#160;The results of operations for the nine

      months ended September 30, 2011, are not necessarily

      indicative of results for the entire fiscal year ending

      December&#160;31, 2011.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liquidity</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      financial statements of the Company have been prepared using

      accounting principles applicable to a going concern, which

      assumes realization of assets and settlement of liabilities

      in the normal course of business.&#160;&#160;The Company

      incurred losses of $12.1 million for the nine months ended

      September 30, 2011, and $11.5 million for the nine months

      ended September 30, 2010.&#160;&#160;The Company had working

      capital of $2.5 million at September 30, 2011, and used cash

      in operations of $5.3 million for the nine months ended

      September 30, 2011 and $5.1 million for the nine months ended

      September 30, 2010.&#160;&#160;Working capital requirements

      are seasonally less in the second half of the year as

      proceeds from the Company&#8217;s agricultural operations are

      realized.&#160;&#160;Currently, the Company's sole focus is

      the development of its land and water assets.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      June 2006, the Company raised $36.4 million through the

      private placement of a five year zero coupon convertible term

      loan with Peloton Partners LLP (&#8220;Peloton&#8221;), as

      administrative agent, and an affiliate of Peloton and another

      investor, as lenders (the &#8220;Term

      Loan&#8221;).&#160;&#160;The proceeds of the new term loan

      were partially used to repay the Company&#8217;s prior term

      loan facility with ING Capital LLC

      (&#8220;ING&#8221;).&#160;&#160;On April 16, 2008, the

      Company was advised that Peloton&#8217;s interest in the Term

      Loan had been assigned to an affiliate of Lampe, Conway &amp;

      Company LLC (&#8220;Lampe Conway&#8221;), and Lampe Conway

      subsequently replaced Peloton as administrative agent of the

      loan.&#160;&#160;On June 4, 2009, the Company completed

      arrangements to amend the Term Loan and extend its maturity

      to June of 2013.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On

      October 19, 2010, the Company closed a new $10 million

      working capital facility with the same existing

      lenders.&#160;&#160;A total of $7 million was drawn during

      the term of this facility.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      November and December 2008, the Company raised $5.2 million

      with a private placement of 165,000 Units at $31.50 per

      unit.&#160;&#160;Each unit consisted of three (3) shares of

      the Company&#8217;s common stock and two (2) stock purchase

      warrants.&#160;&#160;The first warrant entitled the holder to

      purchase one (1) share of common stock at an exercise price

      of $12.50 per share.&#160;&#160;On November 17, 2009, the

      exercise price of this Callable Warrant was temporarily

      reduced to $10.50 per share.&#160;&#160;In response, holders

      of 162,849 warrants exercised their warrants, resulting in

      the Company's issuance of 162,849 shares of common stock with

      net proceeds of $1,709,915.&#160;&#160;The remaining 2,151

      warrants were cancelled.&#160;&#160;The second warrant

      entitles the holder to purchase one (1) share of common stock

      at an exercise price of $12.50 per share.&#160;&#160;This

      warrant has a term of three years and is not callable by the

      Company.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      October and November 2009, the Company raised $7.1 million

      with a private placement of 226,200 Units at $31.50 per

      Unit.&#160;&#160;This included 20,880 Units purchased by the

      Lenders of the Term Loan pursuant to the Lenders&#8217;

      Participation Rights under the Term Loan.&#160;&#160;Each

      Unit consists of three (3) shares of the Company&#8217;s

      common stock and one (1) stock purchase

      warrant.&#160;&#160;The warrant entitles the holder to

      purchase one (1) share of common stock at an exercise price

      of $15.00 per share.&#160;&#160;The warrant has a term of

      three (3) years, but is callable by the Company at any time

      following November 1, 2010, if the closing market price of

      the Company&#8217;s common stock exceeds $22.50 for 10

      consecutive trading days.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      June 2011, the Company filed a shelf registration statement

      on Form S-3 registering the sale of up to $50 million of the

      Company&#8217;s common stock in one or more public

      offerings.&#160;&#160;The registration statement was declared

      effective on June 10, 2011.&#160;&#160;On July 8, 2011, the

      Company raised $4.0 million with the sale of 363,636 shares

      at $11.00 per share by way of a takedown from this shelf

      registration.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      Company&#8217;s current resources do not provide the capital

      necessary to fund its implementation of the Cadiz Valley

      Water Conservation, Recovery and Storage Project

      (&#8220;Water Project&#8221;) should the Company be required

      to do so.&#160;&#160;There is no assurance that additional

      financing (public or private) will be available on acceptable

      terms or at all.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If

      the Company issues additional equity or equity linked

      securities to raise funds, the ownership percentage of the

      Company&#8217;s existing stockholders would be

      reduced.&#160;&#160;New investors may demand rights,

      preferences or privileges senior to those of existing holders

      of common stock.&#160;&#160;If the Company cannot raise

      needed funds, it might be forced to make substantial

      reductions in its operating expenses, which could adversely

      affect its ability to implement its current business plan and

      ultimately its viability as a company.</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based

      upon the Company&#8217;s current and anticipated usage of

      cash resources, it will require additional working capital

      commencing during the second quarter of fiscal 2012 to meet

      its cash resource needs from that point forward and to

      continue to finance its operations until such time as its

      asset development programs produce revenues.&#160;&#160;If

      the Company is unable to generate cash from its current

      development activities, then it will need to seek additional

      debt or equity financing in the capital markets.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principles

      of Consolidation</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      December 2003, the Company transferred substantially all of

      its assets (with the exception of certain office furniture

      and equipment and any Sun World related assets) to Cadiz Real

      Estate LLC, a Delaware limited liability company

      (&#8220;Cadiz Real Estate&#8221;).&#160;&#160;The Company

      holds 100% of the equity interests of Cadiz Real Estate, and

      therefore, continues to hold 100% beneficial ownership of the

      properties that it transferred to Cadiz Real

      Estate.&#160;&#160;Because the transfer of the

      Company&#8217;s properties to Cadiz Real Estate has no effect

      on its ultimate beneficial ownership of these properties, the

      properties owned of record either by Cadiz Real Estate or by

      the Company are treated as belonging to the

      Company.&#160;&#160;Cadiz Real Estate is consolidated in

      these financial statements.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cash

      and Cash Equivalents</font>

    </div><br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The

      Company considers all short-term deposits with an original

      maturity of three months or less to be cash

      equivalents.&#160;&#160;The Company invests its excess cash

      in deposits with major international banks, government agency

      notes and short-term commercial paper, and therefore, bears

      minimal risk.&#160;&#160;Such investments are stated at cost,

      which approximates fair value, and are considered cash

      equivalents for purposes of reporting cash flows.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Short-Term

      Investments</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-31" style="MARGIN-LEFT: 36pt"></font>The Company

      considers all short-term deposits with an original maturity

      greater than three months, but no greater than one year, to

      be short-term investments.&#160;&#160;The Company had no

      short-term investments at September 30, 2011, or December 31,

      2010.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplemental

      Cash Flow Information</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-32" style="MARGIN-LEFT: 36pt"></font>No cash payments,

      including interest, are due on the loan with Lampe Conway

      prior to the June 29, 2013, final maturity date.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-33" style="MARGIN-LEFT: 36pt"></font>The Company

      recorded non-cash additions to fixed assets of $676,000 at

      September 30, 2011, and $1,276,000 at December 31, 2010,

      which were accrued at the respective period ends, for the

      costs directly attributable to the development of the Water

      Project.</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Recent

      Accounting Pronouncements</font>

    </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-34" style="MARGIN-LEFT: 36pt"></font>In December 2010,

      the Financial Accounting Standards Board issued Accounting

      Standards Update 2010-28, an accounting pronouncement related

      to Accounting Standards Codification Topic 350, <font style="FONT-STYLE: italic; DISPLAY: inline">Intangibles

      &#8211; Goodwill and Other</font>, which requires a company

      to consider whether there are any adverse qualitative factors

      indicating that an impairment may exist in performing step 2

      of the impairment test for reporting units with zero or

      negative carrying amounts.&#160;&#160;The provisions of this

      pronouncement are effective for fiscal years, and interim

      periods within those fiscal years, beginning December 15,

      2010.&#160;&#160;The Company adopted this pronouncement on

      January 1, 2011.&#160;&#160;The adoption of this

      pronouncement has no impact on the Company&#8217;s financial

      position and results of operations.</font>

    </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">

      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In

      September&#160;2011, the Financial Accounting Standards

      Board, or FASB, issued Accounting Standards Update, or ASU,

      No.&#160;2011-08, <font style="FONT-STYLE: italic; DISPLAY: inline">Testing Goodwill

      for Impairment</font>. This ASU permits an entity to make a

      qualitative assessment of whether it is more likely than not

      that a reporting unit&#8217;s fair value is less than its

      carrying amount before applying the two-step goodwill

      impairment test. If an entity concludes it is not more likely

      than not that the fair value of a reporting unit is less than

      its carrying amount, then there is no need to perform the

      two-step impairment test. This ASU is effective for annual

      and interim goodwill impairment tests performed for fiscal

      years beginning after December&#160;15, 2011. Early adoption

      is permitted.&#160;&#160;The Company expects to adopt this

      pronouncement in the fourth quarter of 2011.&#160;&#160;The

      Company believes that the adoption of the ASU will not have a

      material impact on the Company&#8217;s consolidated financial

      statements, as it is intended to simplify the assessment for

      goodwill impairment.</font>

    </div><br/><span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 235<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 2<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18743-107790<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 235<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 5<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18854-107790<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 22<br /><br /> -Paragraph 8<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 235<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 6<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18861-107790<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 235<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 3<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 235<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 1<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_SignificantAccountingPoliciesTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>nonnum:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0EEAAG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Operations (Unaudited) (USD $)<br />In Thousands, except Per Share data</strong></div></th><th class="th" colspan="2">3 Months Ended</th><th class="th" colspan="2">9 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th><th class="th"><div>Sep. 30, 2010</div></th><th class="th"><div>Sep. 30, 2011</div></th><th class="th"><div>Sep. 30, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td><td class="nump">$ 121<span /></td><td class="nump">$ 274<span /></td><td class="nump">$ 618<span /></td><td class="nump">$ 281<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfGoodsAndServicesSold', window );">Cost of sales</a></td><td class="nump">266<span /></td><td class="nump">256<span /></td><td class="nump">716<span /></td><td class="nump">256<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td><td class="nump">2,467<span /></td><td class="nump">2,023<span /></td><td class="nump">7,650<span /></td><td class="nump">8,115<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td><td class="nump">92<span /></td><td class="nump">81<span /></td><td class="nump">273<span /></td><td class="nump">263<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpenses', window );">Total costs and expenses</a></td><td class="nump">2,825<span /></td><td class="nump">2,360<span /></td><td class="nump">8,639<span /></td><td class="nump">8,634<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating loss</a></td><td class="num">(2,704)<span /></td><td class="num">(2,086)<span /></td><td class="num">(8,021)<span /></td><td class="num">(8,353)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeExpenseNet', window );">Interest expense, net</a></td><td class="num">(1,451)<span /></td><td class="num">(1,092)<span /></td><td class="num">(4,169)<span /></td><td class="num">(3,174)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOperatingIncomeExpenseNet', window );">Other income, net</a></td><td class="nump">52<span /></td><td class="text">&#xA0;<span /></td><td class="nump">108<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Loss before income taxes</a></td><td class="num">(4,103)<span /></td><td class="num">(3,178)<span /></td><td class="num">(12,082)<span /></td><td class="num">(11,527)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax provision</a></td><td class="nump">2<span /></td><td class="nump">1<span /></td><td class="nump">5<span /></td><td class="nump">3<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted', window );">Net loss applicable to common stock</a></td><td class="num">$ (4,105)<span /></td><td class="num">$ (3,179)<span /></td><td class="num">$ (12,087)<span /></td><td class="num">$ (11,530)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Basic and diluted net loss per common share (in Dollars per share)</a></td><td class="num">$ (0.29)<span /></td><td class="num">$ (0.23)<span /></td><td class="num">$ (0.87)<span /></td><td class="num">$ (0.84)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Basic and diluted weighted average shares outstanding (in Shares)</a></td><td class="nump">14,161<span /></td><td class="nump">13,678<span /></td><td class="nump">13,934<span /></td><td class="nump">13,670<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfGoodsAndServicesSold"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Article 5<br /><br /> -Section 03<br /><br /> -Paragraph 2<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 225<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (SX 210.5-03.2(a),(d))<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CostOfGoodsAndServicesSold</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpenses"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total costs of sales and operating expenses for the period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 225<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (SX 210.5-03)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CostsAndExpenses</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (b)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 5<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 360<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_DepreciationAndAmortization</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>num:perShareItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 225<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (SX 210.5-03.4)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Article 5<br /><br /> -Section 03<br /><br /> -Paragraph 10<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
