<SEC-DOCUMENT>0001654954-21-006032.txt : 20210519
<SEC-HEADER>0001654954-21-006032.hdr.sgml : 20210519
<ACCEPTANCE-DATETIME>20210519145152
ACCESSION NUMBER:		0001654954-21-006032
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20210517
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210519
DATE AS OF CHANGE:		20210519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PARK CITY GROUP INC
		CENTRAL INDEX KEY:			0000050471
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				371454128
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34941
		FILM NUMBER:		21939942

	BUSINESS ADDRESS:	
		STREET 1:		5282 SOUTH COMMERCE DRIVE
		STREET 2:		SUITE D292
		CITY:			MURRAY
		STATE:			UT
		ZIP:			84107
		BUSINESS PHONE:		435-645-2000

	MAIL ADDRESS:	
		STREET 1:		5282 SOUTH COMMERCE DRIVE
		STREET 2:		SUITE D292
		CITY:			MURRAY
		STATE:			UT
		ZIP:			84107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIELDS TECHNOLOGIES INC
		DATE OF NAME CHANGE:	20010626

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERINET GROUP COM INC
		DATE OF NAME CHANGE:	19990803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITY GROWTH SYSTEMS INC /DE/
		DATE OF NAME CHANGE:	19951214
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>pcyg8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 13px;">UNITED
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">SECURITIES AND EXCHANGE
COMMISSION</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">Washington, D.C.
20549</font></font></div>

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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 24px;"><font style="font-size: 21px">FORM 8-K</font></font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">CURRENT
REPORT</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">Pursuant to Section&#xA0;13
or 15(d) of the</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">Securities Exchange Act of
1934</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">Date of Report (Date of earliest event
reported):&#xA0; <font style="text-decoration: underline">May 17,
2021</font></font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 32px;"><font style="font-size: 24px">PARK CITY GROUP, INC.</font></font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">(Exact name of Registrant as
specified in its Charter)</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-size: inherit; text-align: left; width: 100%;">
<tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="text-decoration: underline"><font style="font-size: 13px;">Nevada</font></font></font></div>
</td>
<td style="vertical-align: top; width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="text-decoration: underline"><font style="font-size: 13px;">001-34941</font></font></font></div>
</td>
<td style="vertical-align: top; width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="text-decoration: underline"><font style="font-size: 13px;">37-1454128</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">(State or other jurisdiction of
incorporation)</font></font></div>
</td>
<td style="vertical-align: top; width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">(Commission File No.)</font></font></div>
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<td style="vertical-align: top; width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">(IRS Employer Identification
No.)</font></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: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-size: inherit; text-align: left; width: 100%;">
<tr>
<td style="vertical-align: top; width: 100%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="text-decoration: underline"><font style="font-size: 13px;"><font style="text-decoration: underline"><font style="color: rgb(0, 0, 0); font-size: 13px;">5282 South Commerce Drive,
Suite D292, Murray, Utah
84107</font></font></font></font></font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">(Address of principal executive
offices)</font></font></div>
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<td style="vertical-align: top; width: 0%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="text-decoration: underline"><font style="font-size: 13px;">(435)
645-2000</font></font></font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
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<td style="vertical-align: bottom; width: 100%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">(Registrant&#x2019;s Telephone
Number)</font></font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
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<td style="vertical-align: bottom; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="text-decoration: underline"><font style="font-size: 13px;">Not
Applicable</font></font></font></div>
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<td style="vertical-align: top; width: 0%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">(Former name or address, if changed since last
report)</font></font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr></table>
</div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 216px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;"><br></font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation
of the registrant under any of the following provisions (see
General Instruction A.2. below):</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: justify; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">[&#xA0; ] Written communications pursuant to
Rule 425 under the Securities Act (17 CFR
230.425)</font></font></div>

<div style="text-align: justify; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">[&#xA0; ] Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></font></div>

<div style="text-align: justify; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">[&#xA0; ] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></font></div>

<div style="text-align: justify; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">[&#xA0; ] Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></font></div>

<div style="text-align: justify; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Calibri;">&#xA0;</font></div>
<font style="font-family: Calibri;"><font style="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 230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR 240.12b-2)</font></font>
<div style="text-align: justify; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">Emerging growth company [ ]</font></font></div>

<div style="text-align: justify; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Calibri;">&#xA0;</font></div>

<div style="text-align: justify; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the
Exchange Act. [ ]</font></font></div>

<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Calibri;">&#xA0;</font></div>

<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">Securities registered pursuant to Section 12(b)
of the Act:</font></font></div>

<div style="text-align: left; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-size: inherit; text-align: left; padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 34%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">&#xA0;<font style="font-weight: bold; text-decoration: underline;">Title of each
class</font></font></font></div>
</td>
<td style="width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">&#xA0;<font style="font-weight: bold; text-decoration: underline;">Trading
Symbol(s)</font></font></font></div>
</td>
<td style="width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">&#xA0;<font style="font-weight: bold; text-decoration: underline;">Name of exchange
on which registered</font></font></font></div>
</td>
</tr><tr>
<td style="width: 34%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">&#xA0;Common stock, par value $0.01 per
share</font></font></div>
</td>
<td style="width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">&#xA0;PCYG</font></font></div>
</td>
<td style="width: 33%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">&#xA0;Nasdaq Capital Market</font></font></div>
</td>
</tr></table>
</div>

<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Calibri;"></font></div>

<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font>&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; height: 8px; border-top: solid 1px #000000; border-bottom: 4px solid #000000"><font style="font-family: Calibri;"><br></font></div>

<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</div>
</div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-weight: bold; font-size: 13px;">
</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-weight: bold; font-size: 13px;">
Item 2.02</font></font></div>
<div style="text-align: justify; text-indent: 0px; display: table-cell">
<font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-weight: bold; font-size: 13px;">
Results of Operations and Financial Condition.</font></font></div>
</div>
</div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px"><font style="font-family: Calibri;"><font style="font-size: 13px;"><font style="background-color: #ffffff">On May
17, 2021, Park City Group, Inc. (the &#x201C;</font><font style="font-style: italic; background-color: #ffffff">Company</font><font style="background-color: #ffffff">&#x201D;)
hosted a quarterly conference call to provide a report regarding
the Company&#x2019;s financial condition and results from operations
for the quarter ended March 31, 2021. A copy of the transcript of
the call and press release are attached hereto as Exhibit 99.1 and
99.2, respectively.</font></font></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px"><font style="font-family: Calibri;"><font style="font-size: 13px;"><font style="background-color: #ffffff">In
accordance with General Instruction B.2 for Form 8-K, the
information in this Form 8-K, including Exhibits 99.1 and 99.2
shall not be deemed &#x201C;filed&#x201D; for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the
&#x201C;</font><font style="font-style: italic; background-color: #ffffff">Exchange
Act</font><font style="background-color: #ffffff">&#x201D;), or
otherwise subject to the liabilities of that section, nor shall it
be deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as
expressly set forth by specific reference in such
filing.</font></font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px"><font style="font-family: Calibri; font-size: 13px;">&#xA0;</font></div>
</div>

<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-weight: bold; font-size: 13px;">
Item 7.01</font></font></div>
<div style="text-align: justify; text-indent: 0px; display: table-cell">
<font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-weight: bold; font-size: 13px;">
Regulation FD Disclosure.</font></font></div>
</div>
</div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px"><font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-size: 13px;">See Item
2.02.</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px"><font style="font-family: Calibri;"></font></div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"></font>
<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-weight: bold; font-size: 13px;">
Item 8.01</font></font></div>
<div style="text-align: justify; text-indent: 0px; display: table-cell">
<font style="font-family: Calibri;"><font style="font-weight: bold"><font style="font-size: 12px"><font style="font-size: 13px">Other
Events.</font></font></font><br></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px"><font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-size: 13px;"><font style="font-size: 13px;">
On May 18, 2021, the Company issued a press release announcing that
its Board of Directors has approved the repurchase of up to $6.0
million of the Company's common stock, par value $0.01 per share,
increasing the buyback amount under its share repurchase program by
$2.0 million.&#xA0;&#xA0; <font style="font-size: 13px;"><font style="color: #000000; background-color: #ffffff">A copy of the press
release related to the foregoing announcement is attached hereto as
Exhibit 99.3.</font></font></font></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<font style="font-family: Calibri;"></font></div>

<div style="text-align: left; display: table">
<div style="text-align: left; display: table-row">
<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-weight: bold; font-size: 13px;">
Item 9.01</font></font></div>
<div style="text-align: justify; text-indent: 0px; display: table-cell">
<font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-weight: bold; font-size: 13px;">
Financial Statements and Exhibits.</font></font></div>
</div>
</div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="background-color: rgb(255, 255, 255); font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">(d) Exhibits<br></font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px"><font style="font-family: Calibri;"></font>
<div style="text-align: center; margin-left: auto; margin-right: auto; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-weight: bold"><font style="font-size: 11px"><font style="font-size: 13px">EXHIBIT INDEX</font></font></font></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"><font>&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: center; font-size: inherit; padding-top: 0px; width: 100%;">
<tr>
<td style="width: 109.267px; height: 21.333px; padding-bottom: 0px; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="font-family: Calibri;"><font style="font-size: 13px"><font style="font-weight: bold">Exhibit
Number</font></font></font></div>
</td>
<td style="width: 17.733px; height: 21.333px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px"><font style="font-weight: bold">&#xA0;</font></font></font></div>
</td>
<td style="width: 493.667px; height: 21.333px; padding-bottom: 0px; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px"><font style="font-weight: bold">Description</font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 109.267px; height: 20px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="ex99-1.htm"><font style="font-family: Calibri;"><font style="font-size: 13px">99.1</font></font></a></div>
</td>
<td style="width: 17.733px; height: 20px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><br></font></div>
</td>
<td style="width: 493.667px; height: 20px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">Earnings Call Transcript, dated May 17,
2021&#xA0;<br></font></font></div>
</td>
</tr><tr>
<td style="width: 109.267px; height: 20px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="ex99-2.htm"><font style="font-size: 13px"><font style="font-family: Calibri;"><font>99.2</font></font></font></a></div>
</td>
<td style="width: 17.733px; height: 20px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px"><font style="font-family: Calibri;">&#xA0;</font></font></div>
</td>
<td style="width: 493.667px; height: 20px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px"><font style="font-family: Calibri;">Press Release, dated May 17,
2021<br></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="width: 109.267px; height: 20px; padding-bottom: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px"><font style="font-family: Calibri;"><a href="ex99-3.htm">99.3</a><br></font></font></div>
</td>
<td style="width: 17.733px; height: 20px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px"><font style="font-family: Calibri;"><br></font></font></div>
</td>
<td style="width: 493.667px; height: 20px; padding-bottom: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px"><font style="font-family: Calibri;">Press Release, dated May 18,
2021<br></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri;"></font><br></div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</div>
</div>

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-weight: bold; font-size: 13px;">SIGNATURES</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 36px"><font style="font-family: Calibri;"><font style="font-size: 13px;">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

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<table cellpadding="0" cellspacing="0" style="text-align: left; font-size: inherit; text-align: left; width: 100%;">
<tr>
<td style="vertical-align: middle; width: 46%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 50%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px"><font style="font-weight: bold;">PARK CITY GROUP
INC.</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 46%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 4%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">Date: May 19, 2021</font></font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">By:</font></font></div>
</td>
<td style="vertical-align: middle; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px"><font style="text-decoration: underline">&#xA0;/s/ John R.
Merrill</font><br></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">John R. Merrill<br></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">Chief Financial Officer<br></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 4%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Calibri;"><font style="font-size: 13px">&#xA0;</font></font></div>
</td>
</tr></table>
</div>

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<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

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<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

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<font style="font-family: Calibri;"><font style="font-size: 13px;">&#xA0;</font></font></div>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EARNINGS CALL TRANSCRIPT
<TEXT>
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<font style="font-weight: bold"><font style="font-family: Calibri; font-size: 13px">Exhibit
99.1<br></font></font></div>
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<font style="font-weight: bold; color: #00339A; font-family: Calibri; font-size: 13px">
C O R P O R A T E&#xA0;&#xA0;&#xA0; P A R T I C I P A N T
S</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold; color: #000000">Jeff Stanlis,</font>
<font style="font-style: italic; color: #000000">Vice President,
FNK IR</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold; color: #000000">John Merrill,</font>
<font style="font-style: italic; color: #000000">Chief Financial
Officer</font></font></div>
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<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold; color: #000000">Randy Fields,</font>
<font style="font-style: italic; color: #000000">Chairman &amp;
Chief Executive Officer</font></font></div>
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C O N F E R E N C E&#xA0;&#xA0;&#xA0; C A L L &#xA0;&#xA0; P A R T
I C I P A N T S</font></div>
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<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold">Tom Forte,</font> <font style="font-style: italic">D.A. Davidson</font></font></div>
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P R E S E N T A T I O N</font></div>
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Operator</font></div>
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<font style="font-family: Calibri; font-size: 13px">Greetings, and
welcome to the Park City Group Fiscal Third Quarter 2021 Earnings
Call.</font></div>
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<font style="font-family: Calibri; font-size: 13px">It is now my
pleasure to introduce your host, Jeff Stanlis, with FNK IR. Mr.
Stanlis, you may begin.</font></div>
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Jeff Stanlis</font></div>
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<font style="font-family: Calibri; font-size: 13px">Thank you,
Operator, and good afternoon, everyone. Thank you for joining us
today for Park City Group's Fiscal third quarter earnings
conferencee call.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Hosting the
call today are Randy Fields, Park City Group's CEO and Chairman;
and John Merrill, Park City Group's CFO.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Before we
begin, I would like to remind everyone that this call could contain
forward-looking statements about Park City Group within the meaning
of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not subject to
historical facts. Such forward-looking statements are based on
current beliefs and expectations. Park City Group Management are
subject to risks and uncertainties, which could cause actual
results to differ from those forward-looking statements. Such risks
are fully discussed in the Company's filings with the Securities
and Exchange Commission. The information set forth herein should be
considered in light of such risks. Park City Group does not assume
any obligation to update information contained in this conference
call.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Shortly after
the market close today, the Company issued a press release over
viewing the financial results that we will discuss on today's call.
Investors can visit the Investor Relations section of the Company's
website at parkcitygroup.com to access this press
release.</font></div>
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<font style="font-family: Calibri; font-size: 13px">With all that
said, I'd now like to turn the call over to John Merrill. John, the
call is yours.</font></div>
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John Merrill</font></div>
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<font style="font-family: Calibri; font-size: 13px">Thanks, Jeff,
and good afternoon, everyone.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Q3 was another
strong quarter for the Company. We continued our focus on growing
our recurring revenue, expanded our product offerings, delivered
solid profitability and drove cash. Highlights for the quarter
ended March 31 are as follows.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Recurring
revenue for our SaaS business, which includes compliance and supply
chain, was up 13% to $4.57 million. Marketplace revenue grew 225%
to $1.45 million. With across the board growth, revenue increased
30% to $6.02 million. SG&amp;A expenses increased 11% against the
30% revenue growth. Net income increased 184%. Year-to-date cash
from operations surpassed $3.35 million, and our balance sheet
remains strong with $23.2 million or approximately $1.19 per share
in cash.</font></div>
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<font style="font-family: Calibri; font-size: 13px">The bottom line
is we have built a scalable, profitable and growing business made
up of two components, a recurring SaaS business and a transactional
marketplace business. We continue to drive both components with a
modest SG&amp;A cost structure, which enables us to grow our bottom
line faster than our top line.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">After two years
of transitioning from significant lumpy onetime revenue in our mix,
our software business is effectively all recurring. Simply put, it
is comprised of various food safety compliance and supply chain
modules sold on a monthly subscription basis. While we solve
complex business problems, our business is relatively
straightforward.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Let me take a
minute to add some clarity on how Management views the business and
perhaps help you develop a line of sight on how we may look going
forward. With our third quarter Fiscal 2021 results reflecting $4.5
million in recurring revenue, we internally assign that run rate as
our base in the software business out for the next four quarters.
Therefore, our next 12 months of base recurring revenue is $18
million, assuming no additional growth.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">As we have
experienced a very low customer attrition and we are effectively at
100% recurring revenue, and we have a sales team compensated on
growing recurring revenue to our base, our SaaS revenue is highly
predictable going forward. This line of sight sets a goal, a 10% to
20% year growth rate. Conversely, before the transition from
license to SaaS, our recurring revenue was less than $13 million
per annum and top line revenue was highly dependent on generating
$5 million to $7 million a year in one time license or
services.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Predictability
on revenue, spending and bottom line was a challenge to say the
least. Over the last several years, our recurring revenue has grown
from about $13 million to about $18 million on a run rate basis,
not bad. To get a sense of what Management's goals are, you can
compound that $18 million run rate at the lower end goal of 10% for
the next few years.</font></div>
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<font style="font-family: Calibri; font-size: 13px">I believe it is
important to point out we are not a quarterly-driven Company. Why?
As we have seasonal customers that may only need our services for
three to six months for the summer or during the holiday season,
not a lot, but it's impactful. That affects quarterly subscription
revenue. Our sales staff is paid on collections so that impacts
timing of expenses. Then there is non-cash items like depreciation,
stock comp and other accounting items that may create timing
differences. These are a few examples.</font></div>
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<font style="font-family: Calibri; font-size: 13px">When we talk
about goals, they are annual goals, some quarters higher, some
lower. You, our Investors, ask how we can make the business easier
to understand and model. Now you have a line of sight.</font></div>
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<font style="font-family: Calibri; font-size: 13px">What about
profitability and cash? Since we operate our fixed costs on a
modest spend, roughly $12 million per annum in cash and we see the
$18 million in recurring revenue, it's relatively straightforward
to plan our software bottom line expenses and cash flow. As I said
before, about $0.80 to $0.85 of any incremental revenue over the
$12 million base of the software business falls to the bottom line.
As we know our fixed costs, we are able to support higher revenues
without meaningful increases to our SG&amp;A line. This is not
fuzzy math. The proof is in the numbers.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Let's talk
marketplace for a moment. As Randy and I have said in prior calls,
marketplace may or may not have its place in the Company portfolio
long term. We are certainly not there yet. In the meantime, it is
transactional revenue albeit highly unpredictable, it does fill a
customer demand and roughly provides a 10% contribution margin.
It's not the software business at north of 80% margin, but it does
meet a customer demand despite its long term uncertainty and lower
margin.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Marketplace
case in point. During fiscal 2021 as COVID-19 disrupted supply
chains and generated shortages of products around the globe, our
ability to source hard to find items within our network of 25,000
plus customers resulted in an unprecedented demand for personal
protection equipment or PPE. These products included nitrile
gloves, N95 masks, freezers, telecommunication devices and other
emergency management equipment. Our customers demanded it and we
delivered through marketplace.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">While
marketplace revenue is at a lower gross margin than our SaaS
revenue, it provides incremental revenue, profitability and cash
flow to the Company. While we have experienced a significant
increase in marketplace revenue from PPE during fiscal 2021, it is
uncertain whether demand for PPE will continue at what level in the
future as the pandemic begins to abate. At this point, it's
anyone's guess.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Given this
uncertainty, we are evaluating options, which may include a
subscription-based membership to the marketplace network, similar
to an Amazon Prime. Buyers and sellers would pay a recurring
membership fee to have access to the network. Should buyer and
seller transact business on the marketplace platform, charge a fee
on that transaction.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">While the
pandemic has extended the sale cycle, the 30% growth in the quarter
demonstrates that our customers are increasingly focused on both
our software and our marketplace solutions. The pandemic also
spotlighted the importance of more effectively managing the supply
chain and customer compliance. Customers suffered from severe
shortages and out of stock situations, leading to missed revenue
opportunities and pushing customers to online retailers. As a
result, we believe there is significant pent up demand for our
software solutions as things begin to normalize.</font></div>
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<font style="font-family: Calibri; font-size: 13px">As I said
before, we have less than 5% penetration with our existing
customers. Farming our own customer network remains top priority
for opportunity. We can significantly grow our software business
just by farming their existing network.</font></div>
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<font style="font-family: Calibri; font-size: 13px">To summarize,
we have a combination of solutions that enables customers to be
compliant, provide more actionable visibility into their supply
chain, replace vendors and source hard to find items. More now than
ever before, we are an important resource for our customers,
simultaneously driving Company revenue growth, profitability and
cash.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Turning to the
quarterly numbers, Fiscal Year 2021 third quarter revenue was $6.02
million, up 30% from $4.63 million in the same quarter last year.
The increase in total top line revenue reflects growth in both our
recurring software business and marketplace, up 13% and 225%,
respectively. Total operating expenses increased 20.7% from $4.4
million in Q3 2020 to $5.3 million in Q3 2021. The increase in
total operating expenses reflects largely a $1.3 million increase
in cost of goods sold associated with higher marketplace
revenue.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Sales and
marketing expenses decreased from $1.7 million in Q3 2020 to $1.2
million in Q3 2021. This 30.2% decrease was the result of lower
sales travel, trade shows and cost reductions, partially offset by
higher commissions due to higher revenue.</font></div>
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<font style="font-family: Calibri; font-size: 13px">G&amp;A costs
increased modestly from $1.2 million in Q3 2020 to $1.3 million in
Q3 2021. This was primarily the result of an increase in higher
liability insurance costs and an increase in the reserve for
doubtful accounts. While we have not experienced a significant
customer default, we believe it is prudent to increase our reserves
given some delayed payments we have received.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">For the third
quarter of Fiscal 2021, GAAP net income was $773,000 or 12.8% of
revenue versus $272,000 or 5.9% of revenue. Net income to common
Shareholders was $627,000, or $0.03 per common share versus
$125,000 or $0.01 per common share in the same period of Fiscal
2020.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Turning to the
year-to-date numbers, for the nine months ended March 31, 2021,
total revenue was $16.42 million compared to $14.27 million for the
same period of Fiscal 2020. This 15% increase in top line revenue
is due to both subscription revenue and marketplace revenue growth.
Year-to-date recurring revenue growth in the software business was
8%. Marketplace year-to-date growth was 95%.</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: Calibri; font-size: 13px">Cost of
services and product support was $6.7 million and $4.6 million for
the nine months ended March 31, 2021 and 2020 respectively, a 45%
increase. This increase is primarily the result of higher costs
associated to marketplace and the sales of PPE, and to a lesser
extent, cost to boost our IT security, update licensing and other
database systems. While we have experienced a significant increase
in marketplace revenue and cost during the pandemic due to demand
in PPE, it is unclear what level of ongoing marketplace costs we
may experience as the pandemic begins to abate.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Sales and
marketing expenses was $3.6 million and $4.5 million for the nine
months ended March 31, 2021 and 2020, respectively, a 19% decrease.
The decrease is due to a reduction in trade show expense, lower
overall sales and marketing expenses, particularly travel
expense.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">G&amp;A expense
was $3.6 million and $3.5 million for the nine months ended March
31, 2021 and 2020, respectively, a 1% increase. G&amp;A expense
increased year-over-year due to an increase in bad debt expense and
higher insurance costs. These increases were partially offset by
lower general overhead due to cost cutting measures and natural
reductions due to our work from home status since April of
2020.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">For the nine
months ended March 31, 2021, GAAP net income was $2.95 million
compared to $1.11 million for the same period in Fiscal 2020. This
164% increase in net income is due to an increase in total revenue
and lower SG&amp;A expenses. Year-to-date in Fiscal 2021, net
income to common Shareholders was $2.5 million or $0.13 per common
share compared to $674,000 or $0.03 per common share for the same
period in 2020.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Turning now to
cash flow and cash balances. For Fiscal Year 2021, we generated
cash from operations of $3.4 million compared to $2.3 million in
the prior year period, an increase of 48%. Total cash at March 31,
2021 was $23.2 million compared to $20.3 million at the end of
Fiscal Year 2020, a 14% increase. Total cash at March 31, 2021 was
$23.2 million compared to $17.9 million at the same period in 2020,
an increase of 30%.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">With respect to
our stock buyback program, as we said during the height of the
COVID pandemic, we made the prudent decision to halt our buyback
program. In our March 31, 2021 quarter, we decided to recommence
the program. Subject to NASDAQ rules, we purchased 84,000 shares of
common stock for a total of $508,000 during the March 31, 2021
quarter. As our business and its current and future cash flows have
increased their visibility in light of it, the Board has decided to
increase the size of our buyback, moving their commitment from $4
million to now $6 million. We believe our stock, given the
predictability of business, continues to be a very, very good
investment for us.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Thanks,
everyone, for your time today. At this time, I will pass the call
over to Randy. Randy?</font></div>
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<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
Randy Fields</font></div>
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<font style="font-family: Calibri; font-size: 13px">Thanks,
John.</font></div>
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<font style="font-family: Calibri; font-size: 13px">To repeat,
remember that our plan from a couple of years ago included the
following: reduced onetime revenue in our software business, drive
profitability, GAAP profit, not imaginary non-GAAP profits, and
grow cash. Here we are. Virtually no onetime revenue in our
software business, millions in onetime revenue replaced with
recurring revenue and much more cash. The result is improved
visibility as well as strong GAAP profitability and cash
flow.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">We've now
reached sufficient scale with a very modest fixed cost base that
clearly positions us for sustainable and growing profitability. You
saw that this quarter as our net income more than doubled, in fact,
nearly tripled on the 30% revenue growth. Now you know our focus,
profitability and cash generation. We're an earnings company
today.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Once again, let
me remind you, we're not a quarterly company. Our trends will be
growth in annual revenue that we can be proud of and simultaneously
much faster growth of earnings and cash flow. The pandemic
continues to impact our business, but perhaps not in the way you
might think. While the sales cycle for our compliance and supply
chain solutions has been elongated, this has been offset by urgent
demand from our marketplace offering as customers struggled to find
hard-to-find products.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">While customers
are putting out fires, which is the reason for the elongated sales
cycle, they are certainly well aware of the sourcing and supply
chain challenges that impacted their business over the last year or
so. This is driving increased interest in our SaaS offerings,
including our new out-of-stock solution. They may have to
extinguish fires but they now know more than ever that they do, in
fact, actually need us and our solutions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">We've added
some exciting new modules of functionality. This is the three legs
of our stool. Our marketplace supply chain and compliance offerings
are proven and certainly at scale, although we continue to have
very significant growth opportunities within our existing customer
base, in other words, in most cases, even with an existing product,
we're not yet fully deployed. That means more revenue ahead for
us.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">We've added an
out-of-stock solution module of our supply chain offering, which
helps retailers identify shortages and address stocking issues in
advance of their occurring. We've entered the quality management
space with a proprietary smartphone app that enables retail trading
partners to automatically monitor their internal safety quality
record keeping easily, accurately, and frankly,
affordably.</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Most recently,
and this is important, we announced the formation of a Food
Traceability Leadership Consortium or as we call it, the FTLC, to
help food retail industry leaders collaborate on the development of
a low cost, easy-to-use food tracing technology. The consortium is
an invitation-only group of food retailers, wholesalers and select
suppliers. The goal is to establish industry standards, best
practices and to develop a technological solution to address the
most recently proposed FDA food traceability
regulations.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Essentially,
we're working with leading companies and thinkers in the industry
to develop a system that achieves the FDA's new proposed
requirement in an economic fashion. This effort could be very
important to the industry and therefore, for us. More about this as
time goes on.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">In the
meantime, we have built the largest database of compliant
suppliers. In fact, likely the largest database of food industry
suppliers, period. We've proven our importance to our customers. We
are helping them navigate in these unprecedented times. Our
marketplace solution has helped them secure products from vetted
suppliers when others have been unable to provide products at all,
and our out-of-stock solution has helped many customers keep their
products on the shelf. We are leveraging our leadership position in
each of these areas to add even more capabilities to address the
evolving needs of our customers. The goal, therefore, is to make us
inherently more valuable and important to them. We offer an
end-to-end supply chain solution for our customers, enabling them
to source suppliers, vet suppliers and then transact business all
in one complementary solution. I don't know of another supply chain
company that does all of this.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Now, to that
basic end-to-end supply chain capability and the fact that it's
currently in place, we're going to focus on adding new modules,
think of it as new capabilities, and therefore more revenue per
customer, simple. We're just beginning to approach our customers in
this way. The sales and operational leverage that the strategy
provides is already apparent in our numbers, and way more to
come.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Today, we enjoy
a highly visible SaaS revenue stream, which more than covers our
fixed costs and enables consistent, we call it, structural
profitability, and simultaneously, we have the strongest balance
sheet in our history.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Over the last
three years, we have grown cash at just under a 20% CAGR, while
simultaneously buying back $3 million in stock. We replaced
millions of onetime revenue so that our recurring revenue has grown
from about $13 million to an $18 million annual run rate in that
same period of time. We're certainly very proud of those
accomplishments.</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: Calibri; font-size: 13px">Our focus now
is working to expand our customer relationships and the related and
associated obvious revenue per customer. We're doing it in two
ways. First, by adding additional modules to our existing
applications, more solutions to the same customers, further
integrating this into their operations. The out-of-stock offering
is an example of this. Our quality management services offering is
another example.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Then secondly,
we want to cross sell different application suites increasing the
monthly revenue again from each of our customers and adding
important incremental value. As John said, we penetrated less than
5% of our existing customer base.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">In terms of our
successes in our cross selling, we actually have an excellent
example that we can share. One of our largest compliance customers
early this calendar year hired us for our out-of-stock management
system. They actually did that because, in their experience, our
work and compliance management was exemplary. They actually have
touted our capabilities to others.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">It was not very
difficult to go from, we're really good at this, to, you ought to
try that, and that's what we did. The result, we're now exceeding
both ours, and more importantly, their expectations of our success
in both compliance management and now supply chain. Wow, home run.
Sales up, out of stock is down by large double digits. Some of the
suppliers participating in this are already talking to us about
taking us to additional retailers, exactly what we want to do more
of.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">The interim
marketplace continues to be an important platform during the
pandemic. It remains incredibly hard to find trustworthy,
compliant, vetted suppliers, especially for the things that are in
short supply, like PPE, personal protection equipment, et cetera.
Marketplace has solved many of these challenges, contributing
significant transactional revenue to our top line this quarter.
This contributed to revenue growth for us in the quarter. But as
the pandemic abates and focus returns to our subscription offerings
that we provide, we expect marketplace revenue growth to moderate
and our business will shift back, to a greater extent, on our
recurring software offerings.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">But while
that's happening, we would expect our net income to continue to
grow. We've said many times, our profit growth is untethered from
the growth of marketplace. To be sure, we've experienced a
significant increase in our marketplace revenue for PPE during the
height of COVID-19, but it's certainly unclear what level of
marketplace demand for PPE, et cetera, we may experience as the
pandemic abates.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">The industry
dynamics that serve us long term, secular catalysts for us, have
not changed at all. If anything, they've been reinforced. Consumers
are far more concerned with problems that our supply chain business
solves, such as out-of-stocks. Simultaneously, the FDA is moving
deeper into regulating the flow of good food, now mandating track
and trace for the first time. These are both right in our
wheelhouse.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Our annual run
rate of recurring revenue is, we believe, going to grow within our
targeted range of 10% to 20% this year, and our expected exit rate
this June nearly locks in our growth goal for next year. As we look
out, we feel very comfortable with the growth in revenue and even
faster growth in the bottom line that we can see.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">In summary,
we're in an excellent position with very strong recurring revenue,
synergistic transactional revenue, consistent profitability and a
strong balance sheet. We expect to be able to grow our top line
while expanding our bottom line at a more rapid rate. We will
generate sufficient cash to both add to our balance sheet and
continue our stock buyback program. The job of replacing millions
in onetime revenue with recurring revenue is complete. We&#x2019;ve
virtually no onetime revenue in our software business as of now.
The growth rate of recurring that replaced the onetime revenue
remains, so that we anticipate being a much larger company over the
next few years.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">As John
discussed, a key component of our shift to recurring revenue is
greater predictability. Our Shareholders asked us for greater
visibility into our results and expressed the desire to more
effectively model our business. As Managers, we also wanted more
predictability. We're now there. Our business is now dominated by
our recurring revenue stream and provides annual line of sight to
our results.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Today, we have
a run rate of about $18 million of recurring revenue, up from $13
million just a few years ago. This is a baseline. As we begin
Fiscal 2022 in July of this year with recurring revenue of $18
million, we expect to grow our recurring revenue by 10% to 20% each
year compounded. Our cash expenses are about $12 million annually,
increasing slightly as we grow due to higher sales and marketing
costs like commissions, et cetera.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">It's fair to
think of an $18 million recurring revenue business growing at 10%
per year compounded rate that has a relatively fixed cost
structure, cash base of about $12 million. As John mentioned, 80%
of the revenue over that fixed cost base becomes income and cash.
Now you can run your own numbers. Going forward, some quarters will
be above this trend, some below, some costs will be lumpy. But year
in and year out, this is our goal, grow our top line at this
predictable rate, grow our bottom line at a much faster rate, drive
cash.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">We hope and we
believe the market will reward us for this predictable earnings
growth rate. Shareholders expressed the desire to more effectively
model this and have better line of sight. Now you have it. Our
model is now very simple, very straightforward and frankly, very
compelling. You can see that in the numbers we reported
today.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">With that, I'd
like to now open up the call for questions. Operator?</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">
Operator</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">The first
question comes from Tom Forte with D.A. Davidson. Please go
ahead.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">
Tom Forte</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Great,
thanks.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Randy and John,
I have three questions, one at a time. The first question I have is
you talked about still facing an elongated sales cycle. I wanted to
know if there's a difference as far as the current state of your
customer distraction in U.S. markets that have reopened faster,
such as Florida and Texas versus the rest of the U.S.?</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">
Randy Fields</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Well, that's an
interesting question. What we're seeing so far is that the industry
is just waking up. In other words, without any geographical
limitations, we are seeing more interest, more conversations. It's
not fair to say things are back to normal, whatever that is from 18
months ago. But it is fair to say that it's easier to get to
people, we're more deeply engaged, more projects are looking like
they're getting scheduled and now it's showing up in our
revenues.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">I don't think
we can say with any certitude that it's a function of the states
that are opening up so much as remember, supermarkets have been
open and doing incredible business really for the last period of
time during COVID. It's just that they were distracted trying to
keep product on the shelf.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Second
question?</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">
Tom Forte</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">My second
question, so I wanted to talk about your build versus buy strategy
as it pertains to products and services you're offering and
potential M&amp;A, including geographic expansion.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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-weight: bold; font-family: Calibri; font-size: 13px">
</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">
Randy Fields</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Okay, another
good question. As a rule, we prefer to build things because we have
a proprietary development environment and a fabulous team of
people, world class, that have been with us for many, many years.
It's pretty easy for us to add to our existing platform additional
functionality. Overall, we're inclined to do it. However, we
are&#x2014;and our cash position allows us to be interested in
M&amp;A activity.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">We do look at
those things that are presented to us. The most interesting
opportunities are companies that are likely in a different
industry, not retail food than we are in, so we could take our
platform with people who are experienced into other vertical
markets. Absolutely, we do look at M&amp;A, but there's nothing
that is hot at the moment.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">
Tom Forte</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Excellent,
third and final question, Randy. When I think about your now steady
revenue and your cash flow generation, I'm curious what your
thoughts are on potentially considering a private equity
sell&#x2014;selling to a private equity firm?</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">
Randy Fields</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Another
interesting question. I think it's fair to say and for reasons
we're not sure of, we've had a number of inquiries from interested
parties in the last few months. We have an obligation to examine
those all seriously. Obviously, if there's ever a need for us to
make a regulatory disclosure, because of the status of a possible
transaction, we certainly will. We think the stock is attractive.
That's why we're expanding our buyback.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">It's probably
not terribly surprising that others are finding us attractive at
the moment. I don't have any news per se. But yes, I think it's
fair to say we've attracted a reasonable amount of interest at this
stage.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">
Tom Forte</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Great, Randy
and John, thanks for the great questions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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; color: #000000; font-family: Calibri; font-size: 13px">
Randy Fields</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">
Okay, thank you.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">
Operator</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Thanks, Tom.
This concludes our question-and-answer session. I would like to
turn the conference back over to Randy Fields for any closing
remarks.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">
Randy Fields</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Well, we
appreciate everybody taking the time this afternoon. We've worked
hard to create a Company that is, I think, easier to understand and
certainly easier to forecast. From where we are, things feel very,
very good. We like the fact that we've created a structurally
profitable business given our relatively small size. We've been
very successful with our customer set and feel that the next
several years, we're going to grow into the kind of Company from a
size perspective that all of us would like to have.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Again, we're
ready anytime to answer questions, and we appreciate you taking the
time this afternoon. Thank you.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">
Operator</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">The conference
has now concluded. Thank you for attending today's presentation.
You may now disconnect.</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99-2.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 17, 2021
<TEXT>
<html>
<head>
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<title>ex99-2</title>
</head>
<body style="font-family: Calibri; font-size: 13px;">
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Calibri; font-size: 13px">
Exhibit 99.2</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px;">&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Calibri; font-size: 13px">
<font style="font-size: 16px">Park City Group Reports 30% Increase
in Revenue, Net Income Increases 184% for Fiscal Third Quarter
2021</font></font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-style: italic; font-family: Calibri; font-size: 13px">
Year-To-Date Net Income Increases 165% to $2.95
Million</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold; color: #000000">Salt Lake City, UT &#x2013; May
17, 2021 &#x2013;</font> <font style="color: #000000">Park City
Group, Inc. (NASDAQ: PCYG), the parent company of ReposiTrak, Inc.,
which operates a B2B ecommerce, compliance, and supply chain
platform that partners with retailers, wholesalers, and their
suppliers, to accelerate sales, control risk, improve supply chain
efficiencies, and source hard-to-find items, today announced
financial results for the third fiscal quarter ended March 31,
2021.</font></font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Calibri; font-size: 13px">
Third Quarter Financial and Recent Business
Highlights:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">Total
revenue increased 30.0% to $6.0 million from $4.6 million due to
higher MarketPlace revenue and recurring SaaS revenue.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">Recurring,
SaaS revenue from compliance, supply chain, out-of-stock and other
software solutions, increased 13% to $ 4.5 million.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">GAAP net
income of $773,000 million vs. net income of $272,000 in the prior
year.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">Net income
to common shareholders of $627,000, vs. $125,000.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">EPS $0.03
vs. $0.01 in the prior year third quarter.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px"><a name="_Hlk39224273"><!--anchor--></a><font style="color: #000000">Randall K. Fields, Chairman and CEO of Park City
Group commented, &#x201C;Our strong performance in the quarter
reflects 30% top line and 184% net income growth, demonstrating the
inherent leverage of our business model. MarketPlace revenue soared
as customers utilized this unique solution to find hard-to-source
items amidst the pandemic. But even as our revenue mix resulted in
more transactional, lower-margin MarketPlace revenue this quarter,
our bottom-line conversion still grew exponentially demonstrating
the strong leverage inherent in our business model. As the pandemic
begins to abate and MarketPlace revenue moderates, we expect our
mix to shift in favor of our traditional SaaS solutions where
budgets are beginning to loosen, likely resulting in slower
top-line growth but increased
profitability.&#x201D;</font></font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
&#x201C;Our business is highly scalable,&#x201D; added Mr. Fields.
&#x201C;We can significantly increase our revenue, especially our
software revenue, and particularly recurring compliance and supply
chain revenue, driving incremental profitability. Meanwhile, the
value we have provided our customers with the MarketPlace offering
has further bolstered our relationships with customers. Our network
creates value far beyond the transaction, as we are perhaps the
only partner who can help customers source, vet, and transact
business across the entire supply chain.&#x201D;</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold; color: #000000">Fiscal 2021 Year to Date
Results</font> <font style="color: #000000; font-size: 13px">(nine
months ended March 31, 2021 vs. nine months ended March 31,
2020):</font></font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Total revenue increased 15% to $16.4 million for the nine months,
as compared to $14.3 million during the same period a year ago.
Total operating expense was $14.7 million, an increase of 11% from
$13.3 million a year ago. GAAP net income was $3.0 million versus
$1.1 million a year ago, and GAAP net income to common shareholders
was $2.5 million, or $0.13 per diluted share, compared to $674,000,
or $0.03 per diluted share, a year ago.</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold; color: #000000; font-size: 13px">Third Quarter
Financial Results</font><font style="color: #000000; font-size: 13px">&#xA0;</font><font style="color: #000000">(</font><font style="font-style: italic; color: #000000">three months ended March 31,
2021 vs. three months ended March 31, 2020):</font></font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Total revenue increased 30% to $6.0 million as compared to $4.6
million due largely to growth in MarketPlace revenue and a 13%
increase in recurring revenue. Total operating expense increased
21% to $5.3 million due to increased cost of revenue and product
support due to a greater portion of MarketPlace revenue. GAAP net
income was $773,000, versus $272,000. GAAP net income to common
shareholders was $627,000, or $0.03 per diluted share, compared to
$125,000, or $0.01 per diluted share.</font></div>
<div><font style="font-family: Calibri; 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; color: #000000; font-family: Calibri; font-size: 13px">
Balance Sheet:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
The Company had $23.2 million in cash and cash equivalents at March
31, 2021, compared to $17.9 million at March 31, 2020 and $20.3
million at June 30, 2020.</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; 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; color: #000000; font-family: Calibri; font-size: 13px">
Conference Call:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">The Company
will host a conference call at 4:15 P.M. Eastern today to discuss
the Company&#x2019;s results. The conference call will also be
webcast and will be available via the investor relations section of
the Company&#x2019;s website, www.parkcitygroup.com.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Participant
Dial-In Numbers:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Date: Monday,
May 17th</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Time: 4:15 p.m.
ET (1:15 P.M. PT)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">TOLL-FREE
1-877-300-8521</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">TOLL/INTERNATIONAL
1-412-317-6026</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Conference ID:
10156464</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Replay Dial-In
Numbers:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">TOLL-FREE
1-844-512-2921</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">TOLL/INTERNATIONAL
1-412-317-6671</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">From: 5/17/21 @
7:15 P.M. Eastern Time</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">To: 6/17/21 @
11:59 P.M. Eastern Time</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Replay Pin Number: 10156464</font></div>
<div><font style="font-family: Calibri; 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; color: #000000; font-family: Calibri; font-size: 13px">
About Park City Group:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px"><font style="color: #000000">Park City Group, Inc. (NASDAQ:PCYG), the parent
company of ReposiTrak, Inc., a compliance, supply chain, and
e-commerce platform that enables retailers, wholesalers, and their
suppliers, to accelerate sales, control risk, and improve supply
chain efficiencies. More information is available at</font>
<font style="text-decoration: underline; color: #0000FF">www.parkcitygroup.com</font>
<font style="color: #000000">and</font> <font style="text-decoration: underline; color: #0563C1">www.repositrak.com</font><font style="color: #000000">.</font></font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Specific disclosure relating to Park City Group, including
management's analysis of results from operations and financial
condition, are contained in the Company's annual report on Form
10-K for the fiscal year ended June 30, 2020 and other reports
filed with the Securities and Exchange Commission. Investors are
encouraged to read and consider such disclosure and analysis
contained in the Company's Form 10-K and other reports, including
the risk factors contained in the Form 10-K.</font></div>
<div><font style="font-family: Calibri; 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; color: #000000; font-family: Calibri; font-size: 13px">
Forward-Looking Statement</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Any statements contained in this document that are not historical
facts are forward-looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Words such as
&#x201C;anticipate,&#x201D; &#x201C;believe,&#x201D;
&#x201C;estimate,&#x201D; &#x201C;expect,&#x201D;
&#x201C;forecast,&#x201D; &#x201C;intend,&#x201D; &#x201C;may,&#x201D;
&#x201C;plan,&#x201D; &#x201C;project,&#x201D; &#x201C;predict,&#x201D;
&#x201C;if&#x201D;, &#x201C;should&#x201D; and &#x201C;will&#x201D; and
similar expressions as they relate to Park City Group, Inc.
(&#x201C;Park City Group&#x201D;) are intended to identify such
forward-looking statements. Park City Group may from time to time
update these publicly announced projections, but it is not
obligated to do so. Any projections of future results of operations
should not be construed in any manner as a guarantee that such
results will in fact occur. These projections are subject to change
and could differ materially from final reported results. For a
discussion of such risks and uncertainties, see &#x201C;Risk
Factors&#x201D; in Park City&#x2019;s annual report on Form 10-K, its
quarterly report on Form 10-Q, and its other reports filed with the
Securities and Exchange Commission under the Securities Exchange
Act of 1934, as amended. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the dates on which they are made.</font></div>
<div><font style="font-family: Calibri; 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; color: #000000; font-family: Calibri; font-size: 13px">
Investor Relations Contact:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
John Merrill, CFO</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #0000FF; font-family: Calibri; font-size: 13px">
investor-relations@parkcitygroup.com</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Or</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
FNK IR</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Rob Fink</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
646.809.4048</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #0000FF; font-family: Calibri; font-size: 13px">
rob@fnkir.com</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; 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: Calibri; 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: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
<font style="color: #000000">PARK CITY</font> <font style="color: #000000">GROUP, INC.</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
<font style="color: #000000">Consolidated Condensed</font>
<font style="color: #000000">Balance Sheets
(Unaudited)</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-style: italic; font-family: Calibri; font-size: 13px">
Assets</font></div>
</td>
<td colspan="1" rowspan="1" 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-weight:bold;font-size:13px;font-family:Calibri;">March
31,</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;">2021</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" 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-weight:bold;font-size:13px;font-family:Calibri;">June
30,</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;">2020</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-weight: bold; font-family: Calibri; font-size: 13px">Current
Assets</font></div>
</td>
<td colspan="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:13px;font-family:Calibri;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="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:13px;font-family:Calibri;">&#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:12px;"><font style="font-family: Calibri; font-size: 13px">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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">23,176,092</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">20,345,330</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Receivables, net of
allowance for doubtful accounts of $<font style="color: #000000">253,037</font> and $<font style="color: #000000">251,954</font> at March 31, 2021 and June 30,
2020, respectively</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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">4,598,701</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">4,007,316</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Contract asset &#x2013;
unbilled 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">2,390,104</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">2,300,754</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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;padding-bottom:2px;margin-left:12px;"><font style="font-family: Calibri; font-size: 13px">Prepaid expense and other
current assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,108,589</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">495,511</font><font style="text-align: left; font-family:Calibri;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="margin-left:0px;"><font style="font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Total
Current Assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">31,273,486</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">27,148,911</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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-weight: bold; font-family: Calibri; font-size: 13px">Property
and equipment, net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,673,705</font><font style="text-align: left; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,003,402</font><font style="text-align: left; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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-weight: bold; font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Deposits, 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">22,414</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">22,414</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Prepaid expense &#x2013;
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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">59,989</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">77,030</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Contract asset &#x2013;
unbilled long-term 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">43,052</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">838,726</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Operating lease &#x2013;
right-of-use asset</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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">717,241</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">781,137</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Customer
relationships</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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">558,450</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">657,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">20,883,886</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">20,883,886</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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;padding-bottom:2px;margin-left:12px;"><font style="font-family: Calibri; font-size: 13px">Capitalized software costs,
net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">18,539</font><font style="text-align: left; font-family:Calibri;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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Total
Other Assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">22,285,032</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">23,278,732</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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;padding-bottom:4px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Total
Assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">56,232,223</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">53,431,045</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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-weight: bold; font-style: italic; font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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-weight: bold; font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,498,801</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">407,497</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,705,269</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,123,528</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Contract liability &#x2013;
deferred 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,392,990</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,845,347</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Lines of
credit</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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">6,000,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">4,660,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Operating lease liability
&#x2013; current</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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">89,041</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">85,767</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Current portion of notes
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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">310,242</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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;padding-bottom:2px;margin-left:12px;"><font style="font-family: Calibri; font-size: 13px">Current portion of paycheck
protection program loans</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">479,866</font><font style="text-align: left; font-family:Calibri;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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Total
current liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">10,686,101</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">8,912,247</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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-weight: bold; font-family: Calibri; font-size: 13px">Long-term
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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Operating lease liability
&#x2013; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">628,200</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">695,369</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Notes payable &#x2013; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">610,512</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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;padding-bottom:2px;margin-left:12px;"><font style="font-family: Calibri; font-size: 13px">Paycheck protection program
loans</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">629,484</font><font style="text-align: left; font-family:Calibri;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="margin-left:0px;"><font style="font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Total
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">11,314,301</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">10,847,612</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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-weight: bold; font-family: Calibri; font-size: 13px">Commitments
and contingencies</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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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-weight: bold; font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Preferred
Stock; $0.01 par value, 30,000,000 shares authorized;</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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:24px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Series B
Preferred, 700,000 shares authorized; 625,375 shares issued and
outstanding at March 31, 2021 and June 30, 2020,
respectively</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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">6,254</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">6,254</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:24px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Series B-1
Preferred, 550,000 shares authorized; 212,402 shares issued and
outstanding at March 31, 2021 and June 30, 2020,
respectively</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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">2,124</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">2,124</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; font-size: 13px">Common Stock, $0.01 par
value, 50,000,000 shares authorized; <font style="color: #000000">19,478,038</font> and <font style="color: #000000">19,484,485</font> issued and outstanding at March
31, 2021 and June 30, 2020, respectively</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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">194,783</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">194,847</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:12px;"><font style="font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">75,094,601</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">75,271,097</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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;padding-bottom:2px;margin-left:12px;"><font style="font-family: Calibri; font-size: 13px">Accumulated
deficit</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(30,379,840</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;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:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(32,890,889</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; 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:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">44,917,922</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">42,583,433</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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;padding-bottom:4px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; 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:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">56,232,223</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">53,431,045</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;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: Calibri; font-size: 13px">&#xA0;&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; 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: Calibri; 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: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
<font style="color: #000000">PARK</font> <font style="color: #000000">CITY</font> <font style="color: #000000">GROUP,
INC.</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
<font style="color: #000000">Consolidated Condensed Statements
of</font>&#xA0;<font style="color: #000000">Operations
(Unaudited)</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">&#xA0;&#xA0;&#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 #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;color:#000000;">
Three Months Ended</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;color:#000000;">
March 31,&#xA0;</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#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 #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;color:#000000;">
Nine Months Ended</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;color:#000000;">
March 31,</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:52%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="1" 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-weight:bold;font-size:13px;font-family:Calibri;color:#000000;">
2021</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" 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-weight:bold;font-size:13px;font-family:Calibri;color:#000000;">
2020</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" 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-weight:bold;font-size:13px;font-family:Calibri;color:#000000;">
2021</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" 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-weight:bold;font-size:13px;font-family:Calibri;color:#000000;">
2020</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:52%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align:bottom;width:36%;">
<div><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-size:13px;font-family:Calibri;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="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:13px;font-family:Calibri;">&#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:52%;">
<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: Calibri; font-size: 13px">
Revenue</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:5%;border-bottom:solid 2px #000000;">$</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:75%;border-bottom:solid 2px #000000;">6,022,540</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:5%;border-bottom:solid 2px #000000;">$</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:75%;border-bottom:solid 2px #000000;">4,633,244</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:5%;border-bottom:solid 2px #000000;">$</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:75%;border-bottom:solid 2px #000000;">16,422,146</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:5%;border-bottom:solid 2px #000000;">$</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:75%;border-bottom:solid 2px #000000;">14,270,660</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Operating
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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Cost of
services and product support</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,634,224</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.369,421</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">6,706,769</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,622,844</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Sales and
marketing</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,155,266</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,654,189</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,643,602</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">4,515,569</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">General and
administrative</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,255,410</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,179,851</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,568,474</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,516,313</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td 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="color: #000000; font-family: Calibri; font-size: 13px">Depreciation
and amortization</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">259,343</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">192,860</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">769,440</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">609,037</font><font style="text-align: left; color:#000000;font-family:Calibri;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="margin-left:0px;"><font style="font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td 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="color: #000000; font-family: Calibri; font-size: 13px">Total
operating expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">5,304,243</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">4,396,321</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">14,688,285</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">13,263,763</font><font style="text-align: left; color:#000000;font-family:Calibri;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="margin-left:0px;"><font style="font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
Income from operations</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">718,297</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">236,923</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">1,733,861</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">1,006,897</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Interest
income</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">60,234</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">53,075</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">176,078</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">201,788</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Interest
expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(4,248</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(16,953</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(76,700</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(53,593</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Unrealized
gain (loss) on short term investments</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,131</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">54,434</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td 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="color: #000000; font-family: Calibri; font-size: 13px">Gain on
debt extinguishment</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">10,000</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">1,109,350</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Calibri;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="margin-left:0px;"><font style="font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Income
before income taxes</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">783,152</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">273,045</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,997,023</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,155,092</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td 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="color: #000000; font-family: Calibri; font-size: 13px">(Provision)
for income taxes:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(9,955</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(1,058</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(46,141</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(41,651</font><font style="text-align: left; color:#000000;font-family:Calibri;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:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
Net income</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">773,197</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">271,987</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">2,950,882</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">1,113,441</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;width:10%;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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td 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="color: #000000; font-family: Calibri; font-size: 13px">Dividends
on preferred stock</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(146,611</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(146,611</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(439,833</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(439,833</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td 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-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
Net income applicable to common shareholders</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:5%;border-bottom:double 4px #000000;">$</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:75%;border-bottom:double 4px #000000;">626,586</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:5%;border-bottom:double 4px #000000;">$</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:75%;border-bottom:double 4px #000000;">125,376</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:5%;border-bottom:double 4px #000000;">$</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:75%;border-bottom:double 4px #000000;">2,511,049</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:5%;border-bottom:double 4px #000000;">$</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:75%;border-bottom:double 4px #000000;">673,608</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td 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="color: #000000; font-family: Calibri; font-size: 13px">Weighted
average shares, basic</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">19,555,000</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">19,588,000</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">19,511,000</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">19,714,000</font><font style="text-align: left; color:#000000;font-family:Calibri;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:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Weighted
average shares, diluted</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">19,942,000</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">19,776,000</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">19,744,000</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">19,942,000</font><font style="text-align: left; color:#000000;font-family:Calibri;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 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="color: #000000; font-family: Calibri; font-size: 13px">Basic
income per share</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">0.03</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">0.01</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">0.13</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">0.03</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Diluted
income per share</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">0.03</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">0.01</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">0.13</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; color:#000000;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">0.03</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;<br></font></div>
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<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
<font style="color: #000000">PARK</font>&#xA0;<font style="color: #000000">CITY</font> <font style="color: #000000">GROUP,
INC.</font></font></div>
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<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
<font style="color: #000000">Consolidated Condensed Statements
of</font>&#xA0;<font style="color: #000000">Cash Flows
(Unaudited)</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; 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:76%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Calibri; 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 #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;color:#000000;">
Nine Months</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;color:#000000;">
Ended March 31,</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: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="1" 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-weight:bold;font-size:13px;font-family:Calibri;color:#000000;">
2021</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" 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-weight:bold;font-size:13px;font-family:Calibri;color:#000000;">
2020</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="color: #000000; font-family: Calibri; font-size: 13px">Cash flows
operating activities:</font></div>
</td>
<td colspan="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:13px;font-family:Calibri;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="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:13px;font-family:Calibri;">&#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: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Net
income</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,950,882</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,113,441</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;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; margin-left: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Adjustments
to reconcile net 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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: 36px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Depreciation
and amortization</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">769,440</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">609,037</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;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; margin-left: 36px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Amortization
of operating right of use asset&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">63,896</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">60,793</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#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: 36px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Bad debt
expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">516,694</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">291,630</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;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; margin-left: 36px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Stock
compensation expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">249,733</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">375,000</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#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: 36px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Gain on
debt extinguishment</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,109,350</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">-</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;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; margin-left: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">(Increase)
decrease&#xA0;in:</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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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: 36px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Accounts
receivables</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,508,097</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(350,908</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;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: 36px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Long-term
receivables, prepaids and other assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">293,042</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">884,429</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#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: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">(Decrease)
increase in:</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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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: 36px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Accounts
payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,091,304</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(187,291</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;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; margin-left: 36px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Accrued
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">549,537</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(247,233</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;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: 36px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Operating
lease liability</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(63,895</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(60,794</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;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: 36px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Deferred
revenue</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(452,633</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(213,677</font><font style="text-align: left; color:#000000;font-family:Calibri;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; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
Net cash&#xA0;provided by operating activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Calibri;color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">3,350,553</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Calibri;color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">2,274,427</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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="color: #000000; font-family: Calibri; font-size: 13px">Cash flows
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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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; padding-bottom: 2px; margin-left: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Purchase of
property and equipment</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(105,391</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(642,922</font><font style="text-align: left; color:#000000;font-family:Calibri;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; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
Net cash used in&#xA0;investing activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Calibri;color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">(105,391</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Calibri;color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">(642,922</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">)</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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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="color: #000000; font-family: Calibri; font-size: 13px">Cash flows
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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Net
increase in lines of credit</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,340,000</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">340,000</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;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; margin-left: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Common
stock buyback/retirement</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(508,243</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(2,158,471</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;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; margin-left: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Proceeds
from employee stock plan</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">114,430</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">120,923</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;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; margin-left: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Dividends
paid</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(439,833</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(439,833</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;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: 12px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Payments on
notes payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(920,754</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">(219,992</font><font style="text-align: left; color:#000000;font-family:Calibri;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; padding-bottom: 2px; margin-left: 12px;"><font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
Net cash used in financing activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Calibri;color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">(414,400</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;font-weight:bold;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Calibri;color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;font-weight:bold;width:75%;font-size:13px;">(2,357,373</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">)</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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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="color: #000000; font-family: Calibri; font-size: 13px">Net
increase (decrease) in cash and cash equivalents</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,830,762</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(725,868</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">)</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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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;padding-bottom:2px;margin-left:0px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Cash and
cash equivalents at beginning of period</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">20,345,330</font><font style="text-align: left; color:#000000;font-family:Calibri;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; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; color:#000000;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">18,609,423</font><font style="text-align: left; color:#000000;font-family:Calibri;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 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-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
Cash and cash equivalents at end of period</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:5%;border-bottom:double 4px #000000;">$</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:75%;border-bottom:double 4px #000000;">23,176,092</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:5%;border-bottom:double 4px #000000;">$</font><font style="text-align: right; color:#000000;font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;font-weight:bold;width:75%;border-bottom:double 4px #000000;">17,883,555</font><font style="text-align: left; color:#000000;font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;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: Calibri; 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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;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:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>ex99-3.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 18, 2021
<TEXT>
<html>
<head>
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<title>ex99-3</title>
</head>
<body style="font-family: Calibri; font-size: 13px;">
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<font style="color: #000000; font-weight: bold; font-family: Calibri; font-size: 13px">
Exhibit 99.3</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Calibri; font-size: 13px">
<font style="font-size: 16px">Park City Group Expands Share
Repurchase Program to $6 Million</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;<br></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold">Salt Lake City, UT &#x2013; May 18, 2021
&#x2013;</font> Park City Group, Inc. (NASDAQ: PCYG), the parent
company of ReposiTrak, Inc., which operates a B2B ecommerce,
compliance, and supply chain platform that partners with retailers,
wholesalers, and their suppliers, to accelerate sales, control
risk, improve supply chain efficiencies, and source hard-to-find
items, today announced today that its Board of Directors has
approved the repurchase of up to $6 million of the company's common
stock, increasing the buyback from $4 million to $6 million. To
date, the Company has repurchased approximately $3 million on the
original $4 million repurchase authorization.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; 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: Calibri; font-size: 13px">
Under this new stock repurchase program, Park City may repurchase
shares in accordance with all applicable securities laws and
regulations. Repurchases may be made at management's discretion
from time to time on the open market or through privately
negotiated transactions. The repurchase program has been authorized
for a period of two year and it may be suspended for periods or
discontinued at any time.</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px"><font style="color: #000000">The expansion of the repurchase program follows
the Company&#x2019;s issuance of its Fiscal Third Quarter 2021
Earnings. A replay of the Company&#x2019;s quarterly conference call
can be accessed at</font> <font style="text-decoration: underline; color: #0000FF">https://bit.ly/3eUsAk9</font><font style="color: #000000">.</font></font></div>
<div><font style="font-family: Calibri; 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; color: #000000; font-family: Calibri; font-size: 13px">
About Park City Group:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px"><font style="color: #000000">Park City Group, Inc. (NASDAQ:PCYG), the parent
company of ReposiTrak, Inc., a compliance, supply chain, and
e-commerce platform that enables retailers, wholesalers, and their
suppliers, to accelerate sales, control risk, and improve supply
chain efficiencies. More information is available at</font>
<font style="text-decoration: underline; color: #0000FF">www.parkcitygroup.com</font>
<font style="color: #000000">and</font> <font style="text-decoration: underline; color: #0563C1">www.repositrak.com</font><font style="color: #000000">.</font></font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Specific disclosure relating to Park City Group, including
management's analysis of results from operations and financial
condition, are contained in the Company's annual report on Form
10-K for the fiscal year ended June 30, 2020 and other reports
filed with the Securities and Exchange Commission. Investors are
encouraged to read and consider such disclosure and analysis
contained in the Company's Form 10-K and other reports, including
the risk factors contained in the Form 10-K.</font></div>
<div><font style="font-family: Calibri; 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; color: #000000; font-family: Calibri; font-size: 13px">
Forward-Looking Statement</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Any statements contained in this document that are not historical
facts are forward-looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Words such as
&#x201C;anticipate,&#x201D; &#x201C;believe,&#x201D;
&#x201C;estimate,&#x201D; &#x201C;expect,&#x201D;
&#x201C;forecast,&#x201D; &#x201C;intend,&#x201D; &#x201C;may,&#x201D;
&#x201C;plan,&#x201D; &#x201C;project,&#x201D; &#x201C;predict,&#x201D;
&#x201C;if&#x201D;, &#x201C;should&#x201D; and &#x201C;will&#x201D; and
similar expressions as they relate to Park City Group, Inc.
(&#x201C;Park City Group&#x201D;) are intended to identify such
forward-looking statements. Park City Group may from time to time
update these publicly announced projections, but it is not
obligated to do so. Any projections of future results of operations
should not be construed in any manner as a guarantee that such
results will in fact occur. These projections are subject to change
and could differ materially from final reported results. For a
discussion of such risks and uncertainties, see &#x201C;Risk
Factors&#x201D; in Park City&#x2019;s annual report on Form 10-K, its
quarterly report on Form 10-Q, and its other reports filed with the
Securities and Exchange Commission under the Securities Exchange
Act of 1934, as amended. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the dates on which they are made.</font></div>
<div><font style="font-family: Calibri; 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; color: #000000; font-family: Calibri; font-size: 13px">
<a name="_Hlk23425442"><!--anchor--></a>Investor
Relations Contact:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
John Merrill, CFO</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #0000FF; font-family: Calibri; font-size: 13px">
investor-relations@parkcitygroup.com</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Or</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
FNK IR</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Rob Fink</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
646.809.4048</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #0000FF; font-family: Calibri; font-size: 13px">
rob@fnkir.com</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
