<SEC-DOCUMENT>0001654954-19-005557.txt : 20190509
<SEC-HEADER>0001654954-19-005557.hdr.sgml : 20190509
<ACCEPTANCE-DATETIME>20190509160532
ACCESSION NUMBER:		0001654954-19-005557
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190509
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190509
DATE AS OF CHANGE:		20190509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGHTPATH TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000889971
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				860708398
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27548
		FILM NUMBER:		19810478

	BUSINESS ADDRESS:	
		STREET 1:		2603 CHALLENGER TECH CT
		STREET 2:		SUITE 100
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32826
		BUSINESS PHONE:		4073824003
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>lpth_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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8-K</font></font></div>
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CURRENT REPORT</font></div>
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PURSUANT TO SECTION 13 OR 15(d) OF THE</font></div>
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SECURITIES EXCHANGE ACT OF 1934</font></div>
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May 9, 2019</font></div>
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Date of Report (Date of earliest event reported)</font></div>
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LIGHTPATH TECHNOLOGIES, INC.</font></div>
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Delaware</font></div>
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000-27548</font></div>
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86-0708398</font></div>
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incorporation or organization)</font></div>
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Identification Number)</font></div>
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2603 Challenger Tech Court, Suite 100</font></div>
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Orlando, Florida 32826</font></div>
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(407) 382-4003</font></div>
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under any of the following provisions:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (17 CFR
&#xA7;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR &#xA7;240.12b-2 of this chapter).</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Emerging
growth company [ ]</font></div>
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with any new or revised financial accounting standards providing
pursuant to Section 13(a) of the Exchange Act. [ ]</font></div>
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registered pursuant to Section 12(b) of the Act:<br></font></div>
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Class<br></font></div>
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<div style="text-align: center"><font style="font-size: 13px">&#xA0;Trading
Symbol(s)<br></font></div>
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<div style="text-align: center"><font style="font-size: 13px">&#xA0;Name of
exchange on which registered<br></font></div>
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<td style="width: 34%">
<div style="text-align: center"><font style="font-size: 13px">&#xA0;None</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">LightPath
Technologies, Inc.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Form
8-K</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Item 2.02.&#xA0;&#xA0;&#xA0;&#xA0;Results of Operations and
Financial Condition</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 36px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">On
May 9, 2019, LightPath Technologies, Inc. issued a Press Release
announcing the results for its fiscal 2019 third quarter ended
March 31, 2019. A copy of the Press Release is attached as Exhibit
99.1 hereto and is incorporated by reference herein.</font></div>
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<font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Item 9.01&#xA0;&#xA0;&#xA0;&#xA0;Financial Statements and
Exhibits</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(d)</font></div>
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Exhibit&#xA0;No.</font></div>
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<font style="font-weight: bold; color: #000000; font-size: 13px; font-family: Times New Roman">
Description</font></div>
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<font style="color: #000000; font-size: 13px; font-family: Times New Roman">
<a href="lpth_ex991.htm">EX-99.1</a></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Press Release issued on May 9, 2019, Financial Results for the
Fiscal 2019 Third Quarter ended March 31, 2019</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">SIGNATURES</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this Report to be signed in
its behalf by the undersigned, thereunto duly
authorized.</font></div>
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<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">LIGHTPATH
TECHNOLOGIES, INC.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Dated:
May 9, 2019</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">/s/
Donald O. Retreage, Jr.</font></div>
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Donald O. Retreage, Jr., CFO</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>lpth_ex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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Exhibit 99.1</font><br></font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
For Immediate Release</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 24px">
LightPath Technologies Reports Financial Results for</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 24px">
Fiscal 2019 Third Quarter</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">ORLANDO,
FL &#x2013; May 9, 2019 &#x2013; <font style="text-decoration: underline; color: #0000FF">LightPath
Technologies, Inc.</font> (NASDAQ: LPTH) (&#x201C;LightPath,&#x201D;
the &#x201C;Company,&#x201D; or &#x201C;we&#x201D;), a leading
vertically integrated <font style="text-decoration: underline; color: #0000FF">global
manufacturer</font>, <font style="text-decoration: underline; color: #0000FF">distributor</font> and
<font style="text-decoration: underline; color: #0000FF">integrator</font> of
<font style="text-decoration: underline; color: #0000FF">proprietary optical
and infrared components</font> and <font style="text-decoration: underline; color: #0000FF">high-level
assemblies</font>, today announced financial results for its fiscal
2019 third quarter ended March 31, 2019.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Fiscal 2019 Third Quarter Highlights:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Revenue for the
third quarter of fiscal 2019 was $7.9 million, compared to $8.5
million in the third quarter of fiscal 2018. Revenue for the first
nine months of fiscal 2019 was $25.0 million, compared to $24.4
million in the same period of fiscal 2018.</font></div>
</div>
</div>
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<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Bookings in the
third quarter of fiscal 2019 were $6.5 million, compared to $9.1
million in the third quarter of fiscal 2018. Bookings for the first
nine months of fiscal 2019 were $29.2 million, compared to $27.9
million in the same period of fiscal 2018.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">12-month backlog
was approximately $17.1 million at March 31, 2019, compared to
$12.8 million at June 30, 2018.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Net loss for the
third quarter of fiscal 2019 was approximately $352,000, compared
to net income of approximately $1.2 million for the third quarter
of fiscal 2018.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">EBITDA* for the
third quarter of fiscal 2019 was approximately $942,000, compared
to approximately $1.6 million in the third quarter of fiscal
2018.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Capital
expenditures for the third quarter of fiscal 2019 were
approximately $500,000, bringing the total to $2.1 million in the
first nine months of fiscal 2019, including $462,000 purchased
through capital lease arrangements. Capital projects continue to
support global growth initiatives and product development,
including enhanced capacity for infrared (&#x201C;IR&#x201D;)
products.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">New infrared
(&#x201C;IR&#x201D;) products, including objective lens assemblies,
were released during the third quarter of fiscal 2019.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Total debt was
reduced by $638,000, or 8.6%, in the first nine months of fiscal
2019.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Cash balance at
March 31, 2019 was approximately $4.6 million.</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">* This
press release includes references to non-GAAP financial measures.
Please see the heading &#x201C;Use of Non-GAAP Financial
Measures&#x201D; below for a more complete explanation.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Management Comments</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Our
fiscal 2019 third quarter results reflect broader economic
conservatism as well as our changing product mix, as we expand into
stronger growth markets amid a competitive pricing environment for
legacy products,&#x201D; stated Jim Gaynor, President and Chief
Executive Officer of LightPath. &#x201C;These changing conditions
affected key performance indicators for bookings and revenues,
which clearly fell short of expectations in the fiscal 2019 third
quarter, but are reflective of our strategy to increase our
penetration into the faster growing market for IR optics.
Implementation of this strategy began, in large part, in mid-fiscal
2017 with our acquisition and integration of ISP Optics Corporation
(&#x201C;ISP&#x201D;) and its product lines, which are complementary
to our investments in our next generation, chalcogenide
(<font style="text-decoration: underline; color: #0000FF">Black</font>
<font style="text-decoration: underline; color: #0000FF">Diamond</font><font style="font-size: 70%; vertical-align: top">TM</font>
or &#x201C;BD6&#x201D;) IR precision molded optics
(&#x201C;PMO&#x201D;) products. As a result of our strategy, our
product portfolio is more diversified, including ISP&#x2019;s
important line of IR products which, by nature, require longer
cycle times and have historically produced lower gross margins.
LightPath&#x2019;s next generation, BD6-based, IR PMO materials are
being offered to reduce the related direct costs and cycle times of
legacy IR materials, while further developing our newly-accessible
market channels. Our investments in the development of this BD6
material are intended to allow us to address new and existing
opportunities with more competitive pricing. Although our blended
gross margins have continued to improve, at least during this
quarterly period, we are seeing some needed increases in inventory
related to our IR optics business, particularly related to the
continued roll-out of IR PMO products.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;During
the third quarter of fiscal 2019, our consolidated revenue
decreased by 7%, as compared to the third quarter of fiscal 2018;
however, our total units sold increased by 3%. Our traditional PMO
revenue was off, which contributed approximately 3% of the decrease
in consolidated revenue, with revenue from telecom products
increasing by 56%, but the average selling prices for telecom
products decreasing by 21% as a result of pricing pressure from our
Asian competitors. The IR custom business, excluding annual
contracts, was also down, which drove 9% of the decrease in
consolidated revenue. This was partially offset by an increase in
IR molded products, which contributed a 5% increase to consolidated
revenue. We believe this change in revenue mix will result in
permanent changes to the character of our delivery cycle as our
business shifts from mostly PMO sales, with a much shorter delivery
cycle, to more IR product sales, which have a longer delivery
cycle. The manufacturing of IR lenses is more labor intensive and,
therefore, requires a longer period of time between booking an
order and recording the order as revenue once it is fulfilled. A
key objective of our ongoing expansion strategy is to create
operating benefits by replacing traditionally fabricated IR
materials with our proprietary IR precision molded glass
technology. This should improve our price and schedule
competitiveness as we expand the IR business.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Gaynor continued, &#x201C;In light of these trends, we are focused
on three key initiatives:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Continuing to
increase our 12-month backlog, while also growing revenues, so that
we enter each quarter with at least 75% of our forecasted revenue
booked. Certain PMO contracts can be booked and fulfilled in the
same quarter, while most IR contracts take more than a quarter to
record as revenue from the time the orders are booked.</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Reducing our
product process cycle time, including efforts to transition IR lens
elements from diamond turned to molded.</font></div>
</div>
</div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Continuing to
implement cost reductions in our manufacturing
process.&#x201D;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Our
recent investments, particularly with respect to IR technologies
and capabilities, support these initiatives and, we believe we are
beginning to show progress, as gross margin performance has begun
to improve in our IR business, and sales of our IR PMO lens
elements are expanding. Total consolidated bookings in the first
nine months of the year were $29.2 million, an increase of $1.3
million, or nearly 5%, over the same period of the prior fiscal
year. We surpassed prior year bookings in the first two quarters of
the fiscal year, but experienced delayed purchasing patterns in the
third quarter of fiscal 2019, impacting nearly $5 million in orders
that have been pushed back for various reasons. Some of our current
12-month backlog is being shifted to later delivery dates as well,
which negatively impacted revenues in the third quarter, although
no orders have been cancelled. However, to further improve our
bookings, we will be addressing efficiencies related to improving
sales execution. We will provide further insight into this in the
coming quarters.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;In
terms of shortening our delivery cycle times, we are making good
progress as we continue to invest in capacity and capabilities in
all of our manufacturing factories. Investments in systems and
people are aimed at speeding our quote response time and fully
integrating our capabilities between our global factories. With the
increasing acceptance of our new <font style="text-decoration: underline; color: #0000FF">Black</font>
<font style="text-decoration: underline; color: #0000FF">Diamond</font><font style="font-size: 70%; vertical-align: top">TM</font>,
or BD6, glass product line, we are expanding our glass melting and
coating capabilities in Orlando, expanding our coating and glass
preparation capacity in China, and improving our test and
measurement capabilities in all of our manufacturing
factories.&#x201D;</font></div>
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</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Finally,
for our cost and expense reduction initiatives, we are starting to
see the benefits of the projects we have been implementing. Most
notable is gross margin as a percentage of revenue, which fared
very well despite the pricing pressures and elevated costs related
to the relocation of our New York facility, and is headed in the
right direction. Even though our revenue decreased
quarter-over-quarter, our gross margin percentage in the fiscal
2019 third quarter was flat as compared with the prior year. This
margin stability provides insight into the success of the changes
we have made to our business. We are also nearing the completion of
the relocation of our New York facility to our Orlando, Florida and
Riga, Latvia facilities. This relocation is on track for completion
by the end of June 2019. We expect to see a significant reduction
in operating costs in subsequent quarters following the completion
of this relocation. Upon closing the New York facility, we expect
to record a restructuring charge of approximately $700,000 in the
fourth quarter of fiscal 2019.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;During
this period of transition and investment in our business, we are
pleased that in addition to the strength of our gross margin
percentage in the third quarter, and higher backlog at the end of
the quarter, as compared to the same time last year, we also were
able to improve our financial condition. Capital expenditures,
including equipment purchased through capital leases, were $2.1
million in the first nine months of fiscal 2019. The heavier period
of investment is behind us, as we reduced the amount spent to
$500,000 in the fiscal 2019 third quarter, as compared with over
$900,000 in the fiscal 2019 second quarter and nearly $700,000 in
the fiscal 2019 first quarter. Total debt was reduced by $638,000,
or 8.6%, in the first nine months of fiscal 2019, including
approximately $200,000 paid down during the third quarter of fiscal
2019. We replaced our debt facility with a new lender at lower
rates and more favorable terms.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Our
disciplined approach to capital allocation, investment in growth
initiatives, operational efficiency enhancements, and sales and
marketing strategies demonstrates our understanding that the
changes in our markets and products require adjustments in how we
execute our business plan. We look forward to realizing the full
benefits of these actions through the balance of the calendar year
and as the global market for our industry-leading product lines
improve.&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Financial Results for the Three Months Ended March 31, 2019,
Compared to the Three Months Ended March 31, 2018</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Revenue
for the third quarter of fiscal 2019 was approximately $7.9
million, a decrease of approximately $598,000, or 7%, as compared
to the same period of the prior fiscal year. Revenue generated by
PMO products was approximately $3.4 million for the third quarter
of fiscal 2019, as compared to $3.6 million in the same period of
fiscal 2018, a decrease of approximately $252,000, or 7%. Although
sales of PMO products to customers in the telecommunications and
industrial markets increased by approximately $452,000 and
$113,000, respectively, these increases were offset by decreases in
sales to customers across other markets. Revenue generated by
infrared products was approximately $3.8 million in the third
quarter of fiscal 2019, a decrease of approximately $315,000, or
8%, compared to approximately $4.1 million in the same period of
fiscal 2018. The decrease was primarily due to lower custom
business sales to the industrial market. Revenue generated by
specialty products, which includes revenue for non-recurring
engineering (&#x201C;NRE&#x201D;) projects, was approximately
$720,000 in the third quarter of fiscal 2019, a decrease of
approximately $31,000, or 4%, as compared to approximately $751,000
in the same period of fiscal 2018. This decrease is primarily due
to lower sales to customers in the defense and medical markets,
partially offset by increases in sales to customers in the
industrial market, as well as an increase in catalog and
distribution sales.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Product
concentrations were consistent year-over-year. The breakdown of
consolidated revenue for the third quarter of fiscal 2019 was as
follows: PMO products represented 42%, IR products represented 49%,
and specialty products represented 9%. IR product revenue is
expected to represent the majority of consolidated revenue for
fiscal 2019.</font></div>
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</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Gross
margin in the third quarter of fiscal 2019 was approximately $3.1
million, a decrease of 6%, as compared to approximately $3.3
million in the same quarter of the prior fiscal year. Gross margin
as a percentage of revenue remained at 39% for the third quarter of
fiscal 2019, as compared to the same period of the prior fiscal
year. Total cost of sales was approximately $4.8 million for the
third quarter of fiscal 2019, a decrease of approximately 8%,
compared to $5.2 million for the same period of the prior fiscal
year. The decrease is driven by lower sales, offset by certain cost
increases, including higher duties and freight charges resulting
from newly effective tariffs, and elevated costs including labor
costs, manufacturing inefficiencies, and increased overhead
expenses associated with the relocation of the Company&#x2019;s New
York facility. Although the Company expects to have higher costs
for the remainder of fiscal 2019, the Company expects costs and
operating performance to improve after the relocation of the New
York facility is completed during the fourth quarter of fiscal
2019.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
During the third quarter of fiscal 2019, total operating costs and
expenses were approximately $3.1 million, flat in comparison to the
same period of the prior fiscal year. New product development costs
increased by approximately $121,000, or 32%, due to increased wages
related to additional engineering employees to handle the higher
level of product development work, particularly for new BD6 lenses.
Selling, general and administrative (&#x201C;SG&amp;A&#x201D;) costs
increased by approximately $69,000, or 3%, due to approximately
$103,000 of non-recurring expenses related to the relocation of the
New York Facility. Management expects SG&amp;A costs will continue
to be elevated through the end of fiscal 2019 as part of this
facility relocation. On a long-term basis, the consolidation of the
Company&#x2019;s manufacturing facilities is expected to reduce
operating and overhead costs. The increases in new product
development and SG&amp;A costs were offset by decreases in the
amortization of intangibles, and gains on disposals of
equipment.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Interest
expense, net, was approximately $275,000 in the third quarter of
fiscal 2019, compared to net interest income of approximately
$343,000 in the same period of the prior fiscal year. The
difference in interest expense and income is due to discrete items
that occurred in each period. Interest expense for the three months
ended March 31, 2019 includes non-recurring costs associated with
the refinancing of the Company&#x2019;s previous term loan with a
new lender, including the write-off of previously unamortized debt
costs. For the three months ended March 31, 2018, net interest
income included a gain of approximately $467,000 associated with
the satisfaction in full, of the promissory note issued to the
sellers of ISP, an IR business acquired by the Company in December
2016, in the original aggregate principal amount of $6 million (the
&#x201C;Sellers Note&#x201D;), which satisfaction occurred during the
third quarter of fiscal 2018. The gain resulted from the reversal
of the fair value adjustment liability associated with the Sellers
Note. The Company expects interest expense to be lower during the
remainder of fiscal 2019, due to more favorable terms associated
with the new term loan.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
the third quarter of fiscal 2019, the Company recorded income tax
expense of approximately $162,000, compared to an income tax
benefit of approximately $183,000 for the same period of the prior
fiscal year. The income tax expense for the third quarter of fiscal
2019 is primarily attributable to income taxes on the income
generated in China. The income tax benefit for the third quarter of
fiscal 2018 was primarily related to tax reform enacted in the
Republic of Latvia, which was effective January 1, 2018. The
Company recorded an income tax benefit during the third quarter of
fiscal 2018 due to the reduction of the previously recorded net
deferred tax liability to zero. LightPath has net operating loss
(&#x201C;NOL&#x201D;) carry-forward benefits of approximately $75
million against net income as reported on a consolidated basis in
the U.S. The NOL does not apply to taxable income from foreign
subsidiaries. Outside of the U.S., income taxes are attributable to
the Company&#x2019;s wholly-owned subsidiaries in China and
Latvia.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">LightPath
recognized foreign currency exchange gains for the third quarter of
fiscal 2019 due to changes in the value of the Chinese
Yuan<font style="font-weight: bold">&#xA0;</font>and Euro, against
the U.S. Dollar, in the amount of approximately $65,000, which had
no impact on basic and diluted earnings per share, compared to a
gain of $446,000 in the third quarter of fiscal 2018, which had a
$0.02 favorable impact on basic and diluted earnings per
share.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
loss for the third quarter of fiscal 2019 was approximately
$352,000, or $0.01 basic and diluted loss per share, compared to
net income of approximately $1.2 million, or $0.05 basic and $0.04
diluted earnings per share for the third quarter of fiscal
2018.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighted-average
shares of common stock outstanding were 25,810,681 basic and
diluted, in the third quarter of fiscal 2019, compared to
25,546,512 basic and 27,281,010 diluted in the third quarter of
fiscal 2018. The increase in the weighted-average shares of common
stock outstanding was due to shares of Class A common stock issued
under the Employee Stock Purchase Plan (&#x201C;2014 ESPP&#x201D;),
and upon the exercises of stock options and restricted stock units
(&#x201C;RSUs&#x201D;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">EBITDA*
for the third quarter of fiscal 2019 was approximately $942,000,
compared to approximately $1.6 million in the third quarter of
fiscal 2018. The year-over-year decrease in EBITDA in the third
quarter of fiscal 2019 was caused by lower sales resulting in lower
gross margin, coupled with additional expenses related to the
relocation of the New York facility and an increase in new product
development costs, as well as a decrease in foreign exchange gains
of approximately $380,000.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Financial Results for the Nine Months Ended March 31, 2019,
Compared to the Nine Months Ended March 31, 2018</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Revenue
for the first nine months of fiscal 2019 was approximately $25.0
million, an increase of approximately $567,000, or 2%, as compared
to the same period of the prior fiscal year. Revenue generated by
PMO products was approximately $10.6 million for the first nine
months of fiscal 2019, as compared to $10.1 million in the same
period of fiscal 2018, an increase of approximately $446,000, or
4%. The increase is primarily due to a $1.4 million increase in
sales to customers in the telecommunications market, partially
offset by decreases in sales to customers in the medical and
commercial markets. Revenue generated by infrared products was
approximately $12.5 million in the first nine months of fiscal
2019, an increase of approximately $537,000, or 4%, compared to
approximately $12.0 million in the same period of fiscal 2018.
Industrial applications, firefighting cameras, and other public
safety applications continue to be the primary drivers of the
increased demand for infrared products. Revenue generated by
specialty products was approximately $1.9 million in the first nine
months of fiscal 2019, a decrease of approximately $416,000, or
18%, compared to approximately $2.3 million in the same period of
fiscal 2018. This decrease is partially due to the timing of NRE
projects, as well as a decrease in sales of specialty products to
customers in the commercial, industrial and defense markets,
partially offset by increased sales to medical
customers.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sales
of IR products comprised 50% of the Company&#x2019;s consolidated
revenue in the first nine months of fiscal 2019, as compared to 49%
of the total sales in the same period of the prior fiscal year. PMO
sales represented 42% of consolidated revenues in the first nine
months of fiscal 2019, consistent with the same period of the prior
fiscal year. Specialty products revenue represented 8% of
consolidated revenue in the first nine months of fiscal 2019, down
slightly from 9% in the prior year period.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Gross
margin in the first nine months of fiscal 2019 was approximately
$9.7 million, a decrease of 4%, as compared to approximately $10.1
million in same period of the prior fiscal year. Gross margin as a
percentage of revenue was 39% for the first nine months of fiscal
2019, compared to 41% in the same period of the prior fiscal year.
Total cost of sales was approximately $15.3 million for the first
nine months of fiscal 2019, an increase of approximately $970,000,
compared to $14.3 million for the same period of the prior fiscal
year. The increase in cost of sales, and associated decrease in
gross margin as a percentage of revenue, is primarily the result of
a shift in mix within the infrared product group, coupled with
certain cost increases such as higher duties and freight charges
resulting from newly effective tariffs, and elevated costs
associated with the relocation of the New York facility. With
respect to the IR sales mix, a higher percentage of sales was
derived from contract sales and a smaller percentage of sales was
derived from custom products for the first nine months of fiscal
2019, as compared to the same period of the prior fiscal year.
While margins have historically been lower on contract sales,
LightPath began to see some benefit from margin improvement efforts
in the most recent quarter as shipments against a new contract
began. With respect to material costs, the standard material for
LightPath&#x2019;s IR products continues to be germanium, which has
inherent pricing volatility. As the Company coverts many of these
products to its BD6 material, the Company expects its IR margins to
improve over time. While sales of IR products made with this
material have nearly doubled in the first nine months of fiscal
2019, as compared to the same period of the prior fiscal year, this
still represents a small portion of LightPath&#x2019;s IR revenue
and, therefore, has not yet had a significant impact on gross
margin.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
During the first nine months of fiscal 2019, total operating costs
and expenses were approximately $9.8 million, an increase of
approximately $528,000, or 6%, compared to the same period of the
prior fiscal year. This increase was driven by new product
development costs, which increased by approximately $316,000, or
27%, due to increased wages related to additional engineering
employees to handle the higher level of product development work
and SG&amp;A costs. SG&amp;A costs increased by approximately
$360,000, or 5%, in the first nine months of fiscal 2019, compared
to the prior year period. SG&amp;A for the first nine months of
fiscal 2019 included approximately $394,000 of non-recurring
expenses related to the relocation of the New York facility to
LightPath&#x2019;s other lower-cost facilities in Orlando, Florida,
and Riga, Latvia.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In the
first nine months of fiscal 2019, interest expense, net, was
approximately $574,000, compared to approximately $52,000 in the
same period of the prior fiscal year. In the first nine months of
fiscal 2019, interest expense was higher due to the write-off of
debt costs associated with the termination of the term loan with
Avidbank, which was refinanced with a new term loan with
BankUnited, N.A. (BankUnited), both of which occurred on February
26, 2019. In the first nine months of fiscal 2018, net interest
expense included a gain of approximately $467,000 associated with
the satisfaction of the Sellers Note, in full, and the reversal of
the related fair value adjustment liability. The Company expects
interest expense to be lower during the remainder of fiscal 2019,
due to more favorable terms associated with the BankUnited term
loan. Total debt was approximately $6.8 million at the end of the
third quarter of fiscal 2019, compared to $7.4 million as of June
30, 2018, a decrease of 8.6%.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
the first nine months of fiscal 2019, LightPath recorded an income
tax benefit of approximately $40,000, compared to an income tax
benefit of approximately $319,000 for the same period of the prior
fiscal year. The decrease in the income tax benefit was primarily
attributable to the mix of taxable income and losses generated in
the Company&#x2019;s various tax jurisdictions. For the first nine
months of fiscal 2019, the net income tax benefit represents a tax
benefit on losses in the U.S., offset by tax expense on income
generated in China. For the first nine months of fiscal 2018, the
net income tax benefit is primarily related to an adjustment for a
retroactive statutory tax rate change for one of the
Company&#x2019;s Chinese subsidiaries, LightPath Optical
Instrumentation (Zhenjiang) Co., Ltd. In addition, effective
January 1, 2018, the Republic of Latvia enacted tax reform, which
resulted in a tax benefit, due to the reduction of the previously
recorded net deferred tax liability to zero during the first nine
months of fiscal 2018.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">LightPath
recognized foreign currency exchange losses in the first nine
months of fiscal 2019 due to changes in the value of the Chinese
Yuan<font style="font-weight: bold">&#xA0;</font>and Euro against
the U.S. Dollar, in the amount of approximately $323,000, which had
a $0.01 unfavorable impact on basic and diluted earnings per share,
compared to a gain of $855,000 in the first nine months of fiscal
2018, which had a $0.03 favorable impact on basic and diluted
earnings per share.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
loss for the first nine months of fiscal 2019 was approximately
$919,000, or $0.04 basic and diluted loss per share, compared to
net income of approximately $1.9 million, or $0.08 basic and $0.07
diluted earnings per share for the first nine months of fiscal
2018. Adjusted net loss* for the first nine months of fiscal 2019
was also approximately $919,000, compared to adjusted net income*
of approximately $2.1 million for the first nine months of fiscal
2018.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Weighted-average
shares of common stock outstanding were 25,788,286, for both basic
and diluted, in the first nine months of fiscal 2019, compared to
basic and diluted shares of 24,763,458 and 26,618,956,
respectively, in the first nine months of fiscal 2018. The increase
in the weighted-average basic common stock shares was primarily due
to 967,208 shares of Class A common stock issued during the third
quarter of fiscal 2018 in conjunction with the satisfaction of the
Sellers Note, and, to a lesser extent, shares of Class A common
stock issued under the 2014 ESPP, and upon the exercises of stock
options and RSUs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">EBITDA*
for the first nine months of fiscal 2019 was approximately $2.2
million, compared to approximately $4.1 million in the first nine
months of fiscal 2018. Adjusted EBITDA* for the first nine months
of fiscal 2019 was also approximately $2.2 million, compared to
approximately $4.3 million in the first nine months of fiscal 2018.
The decrease in adjusted EBITDA in the first nine months of fiscal
2019 was caused by the decrease in gross margin, additional
SG&amp;A expenses related to the relocation of the New York
facility, an increase in new product development costs, and an
approximately $1.2 million unfavorable difference in foreign
exchange gains and losses.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cash,
cash equivalents and restricted cash totaled approximately $4.6
million as of March 31, 2019, compared to approximately $6.5
million as of June 30, 2018. Cash provided by operations was
approximately $26,000 for the nine months ended March 31, 2019,
compared with cash provided by operations of $2.7 million in the
same period of the prior fiscal year. The decrease in cash flow
from operations is primarily due to the decrease in net income for
the first nine months of fiscal 2019, as compared to the first nine
months of fiscal 2018. During the first nine months of fiscal 2019,
the Company expended approximately $1.7 million for capital
equipment and acquired an additional $462,000 in equipment through
capital leases, as compared to the same period of the prior fiscal
year when the Company expended $2.5 million and acquired an
additional $306,000 through capital leases.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
current ratio as of March 31, 2019 was 3.5 to 1, compared to 3.4 to
1 as of June 30, 2018. Total stockholders&#x2019; equity as of March
31, 2019 was approximately $35.1 million, compared to approximately
$35.4 million as of June 30, 2018. The net decrease is due to the
net loss for the nine months ended March 31, 2019.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As of
March 31, 2019, LightPath&#x2019;s 12-month backlog remained strong
at $17.1 million, an increase of 34% as compared to $12.8 million
as of June 30, 2018. The increase in LightPath&#x2019;s 12-month
backlog from the first quarter to the second quarter of fiscal 2019
was largely due to the renewal of a large annual contract during
the second quarter, which LightPath began shipping against during
the third quarter of fiscal 2019. During the third quarter of
fiscal 2019, the Company expected orders from customers based on
previous purchase patterns, which did not occur. Management
believes these customers simply pushed back the timing of these
orders. Thus, our shipments exceeded bookings, resulting in a 6%
decrease in backlog as compared to the prior quarter end. However,
backlog remained at a significantly higher level at the end of
fiscal 2019 third quarter as compared with the same period of the
prior fiscal year.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
*Use of Non-GAAP Financial Measures</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">To
provide investors with additional information regarding financial
results, this press release includes references to EBITDA, adjusted
EBITDA, adjusted net income (loss), and gross margin, all of which
are non-GAAP financial measures. For a reconciliation of these
non-GAAP financial measures to the most directly comparable
financial measures calculated in accordance with GAAP, see the
tables provided in this press release.</font></div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A
&#x201C;non-GAAP financial measure&#x201D; is generally defined as a
numerical measure of a company&#x2019;s historical or future
performance that excludes or includes amounts, or is subject to
adjustments, so as to be different from the most directly
comparable measure calculated and presented in accordance with
GAAP. The Company&#x2019;s management believes that these non-GAAP
financial measures, when considered together with the GAAP
financial measures, provide information that is useful to investors
in understanding period-over-period operating results separate and
apart from items that may, or could, have a disproportionately
positive or negative impact on results in any particular period.
Management also believes that these non-GAAP financial measures
enhance the ability of investors to analyze underlying business
operations and understand performance. In addition, management may
utilize these non-GAAP financial measures as guides in forecasting,
budgeting, and planning. Non-GAAP financial measures should be
considered in addition to, and not as a substitute for, or superior
to, financial measures presented in accordance with
GAAP.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company calculates EBITDA by adjusting net income to exclude net
interest expense, income tax expense or benefit, depreciation, and
amortization. Similarly, the Company calculates adjusted EBITDA by
adjusting net income to exclude net interest expense, income tax
expense or benefit, depreciation, amortization, and the change in
the fair value of the warrants issued in connection with the
private placement in June 2012, which warrants expired in December
2017.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
fair value of the warrants issued in connection with the private
placement in 2012 was re-measured each reporting period until the
warrants were either exercised or expired. Each reporting period,
the change in the fair value of these warrants was either
recognized as non-cash expense or non-cash income. The change in
the fair value of the warrants had a significant correlation to the
change in the market value of the Company&#x2019;s Class A common
stock for the period being reported and was not impacted by actual
operations during such period. Management believes that excluding
the change in the fair value of these warrants enhances the ability
of investors to analyze and better understand the underlying
business operations and performance.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company calculates adjusted net income (loss) by adjusting net
income (loss) to exclude the change in the fair value of the
warrants issued in connection with the private placement in June
2012.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company calculates gross margin by deducting the cost of sales from
operating revenue. Cost of sales includes manufacturing direct and
indirect labor, materials, services, fixed costs for rent,
utilities and depreciation, and variable overhead. Gross margin
should not be considered an alternative to operating income or net
income, which is determined in accordance with GAAP. The Company
believes that gross margin, although a non-GAAP financial measure,
is useful and meaningful to investors as a basis for making
investment decisions. It provides investors with information that
demonstrates cost structure and provides funds for total costs and
expenses. The Company uses gross margin in measuring the
performance of its business and has historically analyzed and
reported gross margin information publicly. Other companies may
calculate gross margin in a different manner.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Investor Conference Call and Webcast Details</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">LightPath
will host an audio conference call and webcast on Thursday, May
9th, at 4:30 p.m. ET to discuss its financial and operational
performance for the fiscal third quarter ended March 31,
2019.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Date:
Thursday, May 9, 2019<br></font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Time:
4:30 PM (ET)</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Dial-in
Number: 1-877-317-2514&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">International
Dial-in Number: 1-412-317-2514</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">Webcast:</font> <font style="text-decoration: underline; color: #0000FF; font-size: 13px">https://services.choruscall.com/links/lpth190509.html</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Participants
should dial-in or log-on approximately 10 minutes prior to the
start of the event. A replay of the call will be available
approximately one hour after completion through May 23, 2019. To
listen to the replay, dial 1-877-344-7529 (domestic) or
1-412-317-0088 (international), and enter conference ID
#10131159.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
About LightPath Technologies</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">LightPath
Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically
integrated provider of optics, photonics and infrared solutions for
the industrial, commercial, defense, telecommunications, and
medical industries. LightPath designs, manufactures, and
distributes proprietary optical and infrared components including
molded glass aspheric lenses and assemblies, infrared lenses and
thermal imaging assemblies, fused fiber collimators, and
proprietary <font style="text-decoration: underline; color: #0000FF">Black</font>
<font style="text-decoration: underline; color: #0000FF">Diamond</font><font style="font-size: 70%; vertical-align: top">TM</font>
(&#x201C;BD6&#x201D;) chalcogenide-based glass lenses.<font style="font-size: 13px">&#xA0;</font>LightPath also offers custom optical
assemblies, including full engineering design support. The Company
is headquartered in Orlando, Florida, with manufacturing and sales
offices in Latvia and China.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">LightPath&#x2019;s
wholly-owned subsidiary, <font style="text-decoration: underline; color: #0000FF">ISP Optics
Corporation</font><font style="text-decoration: underline; color: #0000FF">,</font> manufactures
a full range of infrared products from high performance MWIR and
LWIR lenses and lens assemblies. ISP&#x2019;s infrared lens assembly
product line includes athermal lens systems used in cooled and
un-cooled thermal imaging cameras. Manufacturing is performed
in-house to provide precision optical components including
spherical, aspherical and diffractive coated infrared lenses.
ISP&#x2019;s optics processes allow it to manufacture its products
from all important types of infrared materials and crystals.
Manufacturing processes include CNC grinding and CNC polishing,
diamond turning, continuous and conventional polishing, optical
contacting and advanced coating technologies.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For
more information on LightPath and its businesses, please visit
<font style="text-decoration: underline; color: #0000FF">www.lightpath.com</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Forward-Looking Statements</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
This news release includes statements that constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
including statements regarding our ability to expand our presence
in certain markets, future sales growth, continued improvements in
our financial results,and implementation of new distribution
channels. This information may involve risks and uncertainties that
could cause actual results to differ materially from such
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to, factors
detailed by LightPath Technologies, Inc. in its public filings with
the Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K. Except as required under the federal
securities laws and the rules and regulations of the Securities and
Exchange Commission, we do not have any intention or obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px">Contacts:</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0 auto;width: 100%;; font-family: inherit; font-size: inherit">
<tr>
<td style="width: 34%">
<div><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Jim Gaynor, President &amp;
CEO</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">LightPath
Technologies, Inc.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Tel: 407-382-4003</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">jgaynor@lightpath.com</font></font></div>
</td>
<td style="width: 33%">
<div><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Donald O. Retreage, Jr., CFO</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">LightPath
Technologies, Inc.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">Tel:
407-382-4003 x329</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline; color: #0000FF">dretreage@lightpath.com</font></font></div>
</td>
<td style="width: 33%">
<div><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Jordan
Darrow</font></div>
<div><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Darrow
Associates</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px">Tel:
<font style="color: #000000">512-551-9296</font></font></div>
<div><font style="color: #000000; font-family: Times New Roman; font-size: 13px">jdarrow@darrowir.com</font></div>
</td>
</tr></table>
</div>
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font>
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(<font style="font-family: Times New Roman; font-size: 13px">tables
follow)</font></div>
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<br></font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px;">

<div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">LIGHTPATH
TECHNOLOGIES, INC.</font></div>
</div>
<div style="text-align: center">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Condensed
Consolidated Balance Sheets</font></div>
</div>
<div style="text-align: center">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(unaudited)</font></div>
</div>
&#xA0;
<table cellpadding="0" cellspacing="0" style="text-align: justify; margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">March
31,</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">June
30,</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">2019</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">2018</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Current
assets:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Cash and cash
equivalents</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4,641,457</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,508,620</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Restricted
cash</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,000,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Trade accounts
receivable, net of allowance of $27,145 and $13,364</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,899,062</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,370,508</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Inventories,
net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">7,586,734</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">6,404,741</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Other
receivables</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3,789</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">46,574</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Prepaid expenses
and other assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">934,068</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,058,610</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:132px;"><font style="font-family: Times New Roman; font-size: 13px">Total current
assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">19,065,110</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">19,389,053</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Property and
equipment, net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">12,520,168</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11,809,241</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Intangible assets,
net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8,120,826</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9,057,970</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Goodwill</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,854,905</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,854,905</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Deferred tax
assets, net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,030,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">624,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Other
assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">319,021</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">381,945</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:132px;"><font style="font-family: Times New Roman; font-size: 13px">Total
assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">46,910,030</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">47,117,114</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Liabilities
and Stockholders&#x2019; Equity</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Current
liabilities:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Accounts
payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,424,960</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,032,834</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Accrued
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">789,886</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">685,430</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Accrued payroll and
benefits</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,194,182</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,228,120</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Loans payable,
current portion</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">581,350</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,458,800</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Capital lease
obligation, current portion</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">401,666</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">307,199</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:132px;"><font style="font-family: Times New Roman; font-size: 13px">Total current
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,392,044</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,712,383</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Capital lease
obligation, less current portion</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">673,659</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">550,127</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Deferred
rent</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">633,526</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">377,364</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Loans payable, less
current portion</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">5,140,837</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">5,119,796</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:84px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">11,840,066</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">11,759,670</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Stockholders&#x2019;
equity:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Preferred stock:
Series D, $.01 par value, voting;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:36px;"><font style="font-family: Times New Roman; font-size: 13px">500,000 shares
authorized; none issued and outstanding</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Common stock:
Class&#xA0;A, $.01 par value, voting;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:36px;"><font style="font-family: Times New Roman; font-size: 13px">44,500,000 shares
authorized; 25,813,895 and 25,764,544</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:36px;"><font style="font-family: Times New Roman; font-size: 13px">shares issued and
outstanding</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">258,139</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">257,645</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Additional paid-in
capital</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">230,226,315</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">229,874,823</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Accumulated other
comprehensive income</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">752,675</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">473,508</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Accumulated
deficit</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(196,167,165</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(195,248,532</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:132px;"><font style="font-family: Times New Roman; font-size: 13px">Total
stockholders&#x2019; equity</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">35,069,964</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">35,357,444</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:132px;"><font style="font-family: Times New Roman; font-size: 13px">Total liabilities
and stockholders&#x2019; equity</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">46,910,030</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">47,117,114</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;"></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="RANGE!A1:L32"><!--anchor--></a>LIGHTPATH TECHNOLOGIES,
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<div style="text-align: center">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Condensed
Consolidated Statements of Comprehensive Income (Loss)</font></div>
</div>
<div style="text-align: center">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(unaudited)</font></div>
</div>
<div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 90%; display: inline-block; font-size: 11px;">
<div><font style="font-family: Times New Roman;">&#xA0;</font>
<font style="font-weight: bold; font-family: Times New Roman;">Three Months
Ended</font><font style="font-weight: bold; font-family: Times New Roman;">March 31,</font>
<font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 90%; display: inline-block; font-size: 11px;">
<div><font style="font-family: Times New Roman;">&#xA0;</font>
<font style="font-weight: bold; font-family: Times New Roman;">Nine
Months Ended</font><font style="font-weight: bold; font-family: Times New Roman;">March 31,</font>
<font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times New Roman;">2019</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times New Roman;">2018</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times New Roman;">2019</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times New Roman;">2018</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Revenue,
net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">7,905,582</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8,503,628</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">25,003,810</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">24,437,094</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Cost of
sales</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">4,799,913</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">5,211,602</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">15,313,825</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">14,344,015</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Gross
margin</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3,105,669</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3,292,026</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9,689,985</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">10,093,079</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Operating
expenses:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Selling, general
and administrative</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,431,819</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,362,578</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">7,414,550</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">7,054,996</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">New product
development</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">505,636</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">384,380</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,494,412</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,178,849</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Amortization of
intangibles</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">283,521</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">329,270</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">937,143</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">987,812</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">(Gain) loss on
disposal of property and equipment</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(136,125</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2014;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(92,868</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">3,315</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total costs and
expenses</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">3,084,851</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">3,076,228</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">9,753,237</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">9,224,972</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Operating income
(loss)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">20,818</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">215,798</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(63,252</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">868,107</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Other income
(expense):</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Interest expense,
net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(275,233</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">342,796</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(573,535</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(52,212</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Change in fair
value of warrant liability</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(194,632</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Other income
(expense), net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">64,267</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">484,531</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(322,339</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">927,383</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total other income
(expense), net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(210,966</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">827,327</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(895,874</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">680,539</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Income (loss)
before income taxes</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(190,148</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,043,125</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(959,126</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,548,646</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Income tax
provision (benefit)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">161,870</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(183,154</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(40,493</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(318,678</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Net income
(loss)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(352,018</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,226,279</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(918,633</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,867,324</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Foreign currency
translation adjustment</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">53,327</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">77,477</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">279,167</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">200,886</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Comprehensive
income (loss)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(298,691</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,303,756</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(639,466</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,068,210</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Earnngs (loss) per
common share (basic)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.01</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.05</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.04</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.08</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Number of shares
used in per share calculation (basic)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">25,810,681</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">25,546,512</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">25,788,286</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">24,763,458</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Earnings (loss) per
common share (diluted)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.01</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.04</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.04</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.07</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Number of shares
used in per share calculation (diluted)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">25,810,681</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">27,281,010</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">25,788,286</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">26,618,956</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">LIGHTPATH
TECHNOLOGIES, INC.</font></div>
</div>
<div style="text-align: center">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Condensed
Consolidated Statements of Stockholders' Equity</font></div>
</div>
<div style="text-align: center">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(unaudited)</font></div>
</div>
<div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;"></div>
</div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto 0px 0px; width: 100%; font-size: inherit; font-family: inherit;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 40%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Accumulated</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Class
A</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Additional</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Other</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Total</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Common
Stock</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Paid-in</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Comphrehensive</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Accumulated</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Stockholders&#x2019;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 40%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Shares</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Amount</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Capital</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Income</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Deficit</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">Equity</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Balances
at June 30, 2018</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 11px;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 11px;">25,764,544</font><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 11px;">$</font><font style="text-align: right; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 11px;">257,645</font><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 11px;">$</font><font style="text-align: right; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 11px;">229,874,823</font><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 11px;">$</font><font style="text-align: right; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 11px;">473,508</font><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 11px;">$</font><font style="text-align: right; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 11px;">(195,248,532</font><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 11px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-size: 11px;">$</font><font style="text-align: right; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-size: 11px;">35,357,444</font><font style="text-align: left; font-family: Times New Roman; font-weight: bold; vertical-align: bottom; display: inline-block; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Issuance of common
stock for:</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:156px;"><font style="font-family: Times New Roman; font-size: 13px">Employee Stock
Purchase Plan</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">9,061</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">91</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">20,750</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">20,841</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Stock-based
compensation on stock options &amp; RSUs</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">93,910</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">93,910</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Foreign currency
translation adjustment</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">173,047</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">173,047</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Net
loss</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2014;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2014;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2014;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2014;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">(582,891</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">(582,891</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Balances
at September 30, 2018</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">&#xA0;</font><font style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">25,773,605</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">257,736</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">229,989,483</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">646,555</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">(195,831,423</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">35,062,351</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Issuance
of common stock for:</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:156px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Exercise
of stock options &amp; RSUs, net</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">15,667</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">157</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">4,104</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">4,261</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Stock-based
compensation on stock options &amp; RSUs</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">103,905</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">103,905</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Foreign
currency translation adjustment</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">52,793</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">52,793</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Net
income</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2014;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2014;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2014;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2014;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">16,276</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">16,276</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Balances at December 31, 2018</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">&#xA0;</font><font style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">25,789,272</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">257,893</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">230,097,492</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">699,348</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">(195,815,147</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">35,239,586</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 2px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Issuance of common
stock for:</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:156px;"><font style="font-family: Times New Roman; font-size: 13px">Exercise of stock
options &amp; RSUs, net</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">12,813</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">128</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">9,378</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">9,506</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:156px;"><font style="font-family: Times New Roman; font-size: 13px">Employee Stock
Purchase Plan</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">11,810</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">118</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">20,963</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">21,081</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Stock-based
compensation on stock options &amp; RSUs</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">98,482</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">98,482</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Foreign currency
translation adjustment</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">53,327</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#x2014;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 11px; font-family: Times New Roman; display: inline-block;">53,327</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 11px; font-family: Times New Roman; display: inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Net
loss</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2014;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2014;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2014;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2014;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">(352,018</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 11px; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">(352,018</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; padding-bottom: 2px; font-size: 11px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align: bottom; width: 40%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Balances
at March 31, 2019</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 4px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">&#xA0;</font><font style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">25,813,895</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 4px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 4px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">258,139</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 4px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 4px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">230,226,315</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 4px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 4px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">752,675</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 4px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 4px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">(196,167,165</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 4px; width: 10%; font-size: 11px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 10%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 4px; width: 10%; font-size: 11px;">&#xA0;</font><font style="text-align: left; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 5%; font-family: Times New Roman; font-size: 11px;">$</font><font style="text-align: right; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; vertical-align: bottom; display: inline-block; width: 75%; font-family: Times New Roman; font-size: 11px;">35,069,964</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; font-weight: bold; padding-bottom: 4px; width: 10%; font-size: 11px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">LIGHTPATH
TECHNOLOGIES, INC.</font></div>
</div>
<div style="text-align: center">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Condensed
Consolidated Statements of Cash Flows</font></div>
</div>
<div style="text-align: center">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">(unaudited)</font></div>
</div>
<div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;"></div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;">&#xA0;</font> <font style="font-family:Times New Roman;font-weight:bold;">Nine Months
EndedMarch 31,</font> <font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">2019</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">2018</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Cash flows from
operating activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Net (loss)
income</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(918,633</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,867,324</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Adjustments to
reconcile net (loss) income to net cash provided by operating
activities:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Depreciation
and amortization</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,540,963</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,492,003</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Interest
from amortization of debt costs</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">112,618</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">13,704</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(Gain)
loss on disposal of property and equipment</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(92,868</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3,315</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Stock-based
compensation on stock options &amp; RSU, net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">296,297</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">279,397</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Provision
for doubtful accounts receivable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(4,436</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(11,868</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Change
in fair value of warrant liability</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">194,632</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Change
in fair value of Sellers note</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(396,163</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Deferred
rent amortization</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(52,720</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(58,234</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Inventory
write-offs to reserve</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3,193</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">134,052</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Deferred
tax benefit</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(406,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(205,884</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Changes in
operating assets and liabilities:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:12px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Trade accounts
receivable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(523,661</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">312,026</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:12px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Other
receivables</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">42,575</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(29,018</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:12px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Inventories</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,614,551</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,013,201</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;Prepaid
expenses and other assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">181,200</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(409,137</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;Accounts
payable and accrued liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">461,970</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(500,237</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
cash provided by operating activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">25,946</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">2,672,711</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Cash flows from
investing activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;Purchase
of property and equipment</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,673,482</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(2,481,715</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;Proceeds
from sale of equipment</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">316,750</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2014;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
cash used in investing activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(1,356,732</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(2,481,715</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Cash flows from
financing activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:12px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Proceeds from
exercise of stock options</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">13,767</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">194,150</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:12px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Proceeds from sale
of common stock from Employee Stock Purchase Plan</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">41,922</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">48,591</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:12px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Loan
costs</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(92,860</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(60,453</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:12px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Borrowings on loan
payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,813,500</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,942,583</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:12px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Proceeds from
exercise of warrants, net of costs</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">534,318</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;Payments
on loan payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(6,686,167</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(4,351,836</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;Payments
on capital lease obligations</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(244,210</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(196,790</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
cash used in financing activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,154,048</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(889,437</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Effect of exchange
rate on cash and cash equivalents and restricted cash</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">617,670</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(998,410</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Change in cash and
cash equivalents and restricted cash</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,867,164</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,696,851</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Cash and cash
equivalents and restricted cash, beginning of period</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">6,508,620</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">8,085,015</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Cash and cash
equivalents and restricted cash, end of period</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,641,456</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6,388,164</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Supplemental
disclosure of cash flow information:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;Interest
paid in cash</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">379,539</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">417,550</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;Income
taxes paid</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">297,599</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">562,491</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Supplemental
disclosure of non-cash investing &amp; financing
activities:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:12px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Purchase of
equipment through capital lease arrangements</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:12px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Reclassification of
warrant liability upon exercise</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">462,209</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">306,220</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:12px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Derecognition of
liability associated with stock option grants</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">685,132</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:12px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Conversion of
Sellers Note to Common Stock</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">283,399</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,247,064</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">To
supplement our consolidated financial statements presented in
accordance with U.S. GAAP, we provide additional non-GAAP financial
measures. Our management believes these non-GAAP financial
measures, when considered together with the GAAP financial
measures, provide information that is useful to investors in
understanding period-over-period operating results separate and
apart from items that may or could, have a disproportionally
positive or negative impact on results in any particular period.
Our management also believes that these non-GAAP financial measures
enhance the ability of investors to analyze our underlying business
operations and understand our performance. In addition, our
management may utilize these non-GAAP financial measures as guides
in forecasting, budgeting, and planning. Any analysis on non-GAAP
financial measures should be used in conjunction with results
presented in accordance with GAAP. A reconciliation of these
non-GAAP financial measures with the most directly comparable
financial measures calculated in accordance with GAAP is presented
in the tables below.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:48%;">
<div><font style="text-align: left; vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-weight:bold;font-family:Times New Roman;color:#000;">(unaudited)</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;">&#xA0;</font> <font style="font-family:Times New Roman;font-weight:bold;">Quarter
Ended:</font> <font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;">&#xA0;</font> <font style="font-family:Times New Roman;font-weight:bold;">Nine Months
Ended</font> <font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">March 31,
2019</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">March 31,
2018</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">March 31,
2019</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">March 31,
2018</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Net income
(loss)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(352,018</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,226,279</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(918,633</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,867,324</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Change in fair
value of warrant liability</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">194,632</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:48px;"><font style="font-family: Times New Roman; font-size: 13px">Adjusted net income
(loss)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(352,018</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,226,279</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(918,633</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,061,956</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-family: Times New Roman; font-size: 13px">% of
revenue</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-4</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">14</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-4</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" rowspan="1" style="vertical-align:bottom;width:48%;">
<div><font style="text-align: left; vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:96%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-weight:bold;font-family:Times New Roman;color:#000;">(unaudited)</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:2%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;">&#xA0;</font> <font style="font-family:Times New Roman;font-weight:bold;">Quarter
Ended:</font> <font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;">&#xA0;</font> <font style="font-family:Times New Roman;font-weight:bold;">Nine Months
Ended</font> <font style="font-family:Times New Roman;">&#xA0;</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">March 31,
2019</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">March 31,
2018</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">March 31,
2019</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:11px;"><font style="font-family:Times New Roman;font-weight:bold;">March 31,
2018</font></font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Net income
(loss)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(352,018</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,226,279</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(918,633</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,867,324</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Depreciation and
amortization</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">857,287</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">866,329</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,540,963</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,492,003</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Income tax
provision (benefit)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">161,870</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(183,154</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(40,493</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(318,678</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Interest
expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">275,233</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(342,796</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">573,535</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">52,212</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-family: Times New Roman; font-size: 13px">EBITDA</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">942,372</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,566,658</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,155,372</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4,092,861</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Change in fair
value of warrant liability</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2014;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">194,632</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:48px;"><font style="font-family: Times New Roman; font-size: 13px">Adjusted
EBITDA</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">942,372</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,566,658</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,155,372</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,287,493</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-family: Times New Roman; font-size: 13px">% of
revenue</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">18</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">18</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">%</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
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</DOCUMENT>
</SEC-DOCUMENT>
