<SEC-DOCUMENT>0000895456-17-000009.txt : 20170725
<SEC-HEADER>0000895456-17-000009.hdr.sgml : 20170725
<ACCEPTANCE-DATETIME>20170725160858
ACCESSION NUMBER:		0000895456-17-000009
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170630
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170725
DATE AS OF CHANGE:		20170725

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROCKY BRANDS, INC.
		CENTRAL INDEX KEY:			0000895456
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOTWEAR, (NO RUBBER) [3140]
		IRS NUMBER:				311364046
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34382
		FILM NUMBER:		17980522

	BUSINESS ADDRESS:	
		STREET 1:		39 EAST CANAL STREET
		CITY:			NELSONVILLE
		STATE:			OH
		ZIP:			45764
		BUSINESS PHONE:		6147531951

	MAIL ADDRESS:	
		STREET 1:		39 EAST CANAL STREET
		CITY:			NELSONVILLE
		STATE:			OH
		ZIP:			45764

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROCKY SHOES & BOOTS INC
		DATE OF NAME CHANGE:	19950706
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>Q2_2017_EPR_HTML_Final.htm
<TEXT>
<!-- saved from url=(0080)https://www.sec.gov/Archives/edgar/data/895456/000114420417021260/v464643_8k.htm --><html><head><title></title><meta content="text/html; charset=windows-1252" /></head><body style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal;">


8-K
1
v464643_8k.htm
FORM 8-K



     <title></title>



<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b><br />
<b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM 8-K</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b><br />
<b>Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" class="directTable">
<tr style="vertical-align: top">
    <td style="width: 1%; padding: 0; font-size: 10pt; text-indent: 0; white-space: nowrap;"><div class="contentEditableWrapper"><font style="font-size: 10pt">Date of Report (Date of earliest event reported)&#160;&#160;</font></div></td>
    <td style="width: 99%; padding: 0 0 0 0.375in; font-size: 10pt; text-indent: 0; border-bottom: Black 1pt solid"><div class="contentEditableWrapper"><font style="font-size: 10pt">July 25, 2017</font></div></td></tr>
</table>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">ROCKY BRANDS, INC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specif&#x131;ed
in its charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 33%; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-align: center; text-indent: 0">Ohio</td>
    <td style="width: 34%; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-align: center; text-indent: 0">001-34382</td>
    <td style="width: 33%; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-align: center; text-indent: 0">31-1364046</td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: center; text-indent: 0">(State or other jurisdiction</td>
    <td style="padding: 0; text-align: center; text-indent: 0">(Commission</td>
    <td style="padding: 0; text-align: center; text-indent: 0">(IRS Employer</td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: center; text-indent: 0">of incorporation)</td>
    <td style="padding: 0; text-align: center; text-indent: 0">File Number)</td>
    <td style="padding: 0; text-align: center; text-indent: 0">Identif&#x131;cation No.)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 67%; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-align: center; text-indent: 0">39 East Canal Street, Nelsonville, Ohio</td>
    <td style="width: 33%; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-align: center; text-indent: 0">45764</td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: center; text-indent: 0">(Address of principal executive off&#x131;ces)</td>
    <td style="padding: 0; text-align: center; text-indent: 0">(Zip Code)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 1%; padding: 0; font-size: 10pt; text-indent: 0; white-space: nowrap;"><font style="font-size: 10pt">Registrant&#x62af; telephone number, including area code&#160;&#160;</font></td>
    <td style="width: 99%; padding: 0; font-size: 10pt; text-indent: 0; border-bottom: Black 1pt solid"><font style="font-size: 10pt">(740) 753-1951</font></td></tr>
</table>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">Not Applicable</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report.)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K f&#x131;ling
is intended to simultaneously satisfy the f&#x131;ling obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#x2610;</font></td><td style="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#x2610;</font></td><td style="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#x2610;</font></td><td style="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#x2610;</font></td><td style="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (<font style="font-size: 13.3333px;">&#xa7;</font>230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (<font style="font-size: 13.3333px;">&#xa7;24</font>0.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Emerging growth company <font style="font-family: Times New Roman, Times, Serif">&#x2610;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.&#160;&#160;&#160;&#160;&#160;<font style="font-family: Times New Roman, Times, Serif">&#x2610;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"></font></p>

<!-- Field: Page; Sequence: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif"></font></p>




<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 2.02</b></td><td><b>Results of Operations and Financial Condition.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 25, 2017,
Rocky Brands, Inc. (the "Company") issued a press release entitled "Rocky Brands, Inc. Announces Second Quarter
2017 Results" regarding its consolidated financial results for the quarter ended June 30, 2017. A copy of the Company's press release is furnished as Exhibit 99 to this Form 8-K and is incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information in
this Form 8-K and accompanying press release is being furnished under Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to
the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities
Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;">The information contained
or incorporated by reference in this Form 8-K contains certain forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, which are intended to be covered by the safe harbors
created thereby. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections,
forecasts, and plans of the Company and its management. These forward-looking statements involve numerous risks and uncertainties,
including, without limitation, the various risks inherent in the Company's business as set forth in periodic reports filed
with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December
31, 2016 (filed March 9, 2017) and quarterly report on Form 10-Q for the quarter ended March 31, 2017 (filed May 5, 2017). One or more of these factors have affected historical results, and could in the future affect the
Company's businesses and financial results in future periods and could cause actual results to differ materially from plans
and projections. Therefore, there can be no assurance that the forward-looking statements contained or incorporated by reference
in this Form 8-K will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements
included or incorporated by reference herein, the Company, or any other person should not regard the inclusion of such information
as a representation that the objectives and plans of the Company will be achieved. All forward-looking statements contained or
incorporated by reference in this Form 8-K are based on information presently available to the management of the Company. The Company
assumes no obligation to update any forward-looking statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>




<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 9.01</b></td><td><b>Financial Statements and Exhibits.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table class="directTable" cellspacing="0" cellpadding="0" style="border: none; font-size: 10pt; font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif; color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; width: 100%;"><!--indentWidth=10--><tr>
<td class="tableHeaderLabel" colspan="1"><div class="contentEditableWrapper">&#160;</div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px"><div class="contentEditableWrapper">&#160;</div></td>
<td class="tableHeaderLabel" colspan="3" style="font-style: italic; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: center;"><div class="contentEditableWrapper"><div><font style="font-family: &quot;Times New Roman&quot;, Times, serif"><i>Exhibit No.</i></font></div></div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px"><div class="contentEditableWrapper">&#160;</div></td>
<td class="tableHeaderLabel" colspan="3" style="font-style: italic; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;"><div class="contentEditableWrapper"><div><font style="font-family: &quot;Times New Roman&quot;, Times, serif"><i>Description</i></font></div></div></td>
</tr><tr class="widthDefiningRow" style="font-size:0px">

<td colspan="1"><div class="contentEditableWrapper">&#160;</div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px"><div class="contentEditableWrapper">&#160;</div></td>
<td colspan="3"><div class="contentEditableWrapper">&#160;</div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px"><div class="contentEditableWrapper">&#160;</div></td>
<td colspan="3"><div class="contentEditableWrapper">&#160;</div></td>
</tr><tr style="background-color: transparent;">
<td class="tableEditLabel" style=""><div class="contentEditableWrapper">&#160;</div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px"><div class="contentEditableWrapper">&#160;</div></td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;"><div class="contentEditableWrapper">&#160;</div></td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: center;"><div class="contentEditableWrapper">99*</div></td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;"><div class="contentEditableWrapper"></div></td>

<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px"><div class="contentEditableWrapper">&#160;</div></td><td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;"><div class="contentEditableWrapper">Press Release, dated July 25, 2017&#160;<font style="font-size: 13.3333px;">entitled "Rocky Brands, Inc. Announces Second Quarter 2017 Results."</font></div></td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;"><div class="contentEditableWrapper"></div></td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;"><div class="contentEditableWrapper"></div></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Such press release is being "furnished" (not
filed) under Item 2.02 of this Current Report on Form 8-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -1.75in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -1.75in"></p>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -1.75in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table class="" cellspacing="0" cellpadding="0" style="border: none; font-size: 10pt; font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif; color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; width: 100%;"><!--indentWidth=10--><tr class="widthDefiningRow" style="font-size:0px">

<td colspan="1">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
</tr><tr style="background-color: transparent;">
<td class="tableEditLabel" style="border-bottom-style: none;border-bottom-color: rgb(0, 0, 0);">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);">Rocky Brands, Inc.</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: transparent;">
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Date: &#160;July 25, 2017</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);">By:</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0);">/s/ Thomas D. Robertson</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: transparent;">
<td class="tableEditLabel" style="border-bottom-style: none;border-bottom-color: rgb(0, 0, 0);">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);">Thomas D. Robertson</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="border-bottom-style: none;border-bottom-color: rgb(0, 0, 0);">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);">Chief Financial Officer</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>



<p style="margin: 0"></p>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&#160;</p></div>
    <!-- Field: /Page -->

<p style="margin: 0"></p>






</body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>Q2_2017_EPR_ex99_Final.htm
<TEXT>
<!-- saved from url=(0082)https://www.sec.gov/Archives/edgar/data/895456/000114420417021260/v464643_ex99.htm --><html><head><title></title><meta content="text/html; charset=windows-1252" /></head><body style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal;">







<div style="text-align: justify; margin-top: 6pt; margin-bottom: 12pt; page-break-before: always;"><font style="font-size: 16px;">

</font><p style="margin: 0in -36.9pt 0pt 0in; line-height: normal; mso-add-space: auto; tab-stops: -.75in -.5in .05pt .5in 1.0in 1.5in 211.5pt 3.5in 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in 7.5in 8.0in 8.5in 9.0in 9.5in 10.0in 10.5in 11.0in 11.5in 12.0in 12.5in 13.0in;"><b><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1;"><br /></font></b></p><font style="font-size: 16px;">

</font><table class="directTable" style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
    <td>&#160;</td>
    <td colspan="2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>ROCKY BRANDS, INC.</b></font></td></tr>
<tr style="vertical-align: top;">
    <td style="width: 50%;">&#160;</td>
    <td style="width: 15%;">&#160;</td>
    <td style="width: 35%;">&#160;</td></tr>
<tr style="vertical-align: top;">
    <td>&#160;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Company Contact:</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Tom Robertson</font></td></tr>
<tr style="vertical-align: top;">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Chief Financial Officer</font></td></tr>
<tr style="vertical-align: top;">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(740) 753-1951</font></td></tr>
<tr style="vertical-align: top;">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top;">
    <td>&#160;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Investor Relations:&#160;&#160;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">ICR, Inc.</font></td></tr>
<tr style="vertical-align: top;">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Brendon Frey</font></td></tr>
<tr style="vertical-align: top;">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(203) 682-8200</font></td></tr>
</table><font style="font-size: 16px;">

</font><p style="margin: 0in -36.7pt 0pt 0in; line-height: normal; tab-stops: -.75in -.5in .05pt .5in 1.0in 1.5in 211.5pt 243.0pt 3.5in 283.5pt 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in 7.5in 8.0in 8.5in 9.0in 9.5in 10.0in 10.5in 11.0in 11.5in 12.0in 12.5in 13.0in;"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1;"><font style="mso-tab-count: 5;">&#160;&#160;</font></font></p><font style="font-size: 16px;">

</font><p style="margin: 0in -36.7pt 0pt 0in; line-height: normal; tab-stops: -.75in -.5in .05pt .5in 1.0in 1.5in 211.5pt 243.0pt 3.5in 283.5pt 4.5in 5.0in 5.5in 6.0in 6.5in 7.0in 7.5in 8.0in 8.5in 9.0in 9.5in 10.0in 10.5in 11.0in 11.5in 12.0in 12.5in 13.0in;"><font style="font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt;"><font style="mso-tab-count: 9;">&#160;&#160;</font></font></p><font style="font-size: 16px;">

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1;"><font style="mso-tab-count: 5;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font>

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1;"><font style="mso-tab-count: 5;">&#160;&#160;&#160;&#160;&#160;&#160;</font></font>

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1;"><font style="mso-tab-count: 10;">&#160;&#160;</font></font>

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1;"><font style="mso-tab-count: 10;">&#160;&#160;&#160;&#160;&#160;</font></font>

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1;"><font style="mso-tab-count: 2;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font>

<b><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">&#160;</font></b>

</font><p style="margin: 0in 0in 0pt; text-align: center; line-height: normal; text-align: center;"><b><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Rocky Brands, Inc. Announces Second Quarter 2017
Results</font></b></p><font style="font-size: 16px;">

</font><p style="margin: 0in 0in 0pt; text-align: center; line-height: normal; text-align: center;"><b><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Second Quarter Diluted EPS Improved to $0.20</font></b></p><font style="font-size: 16px;">

</font><p style="margin: 0in 0in 0pt; text-align: center; line-height: normal; text-align: center;"><b><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Funded Debt Decreased 63.3% Year-over-Year to
$8.6 Million</font></b></p><font style="font-size: 16px;">

</font><p style="margin: 0in 0in 0pt; line-height: normal;"><b><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">&#160;</font></b></p><font style="font-size: 16px;">

</font><p style="margin: 0in 0in 0pt; line-height: normal;"><b><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">NELSONVILLE,
Ohio, July 25, 2017 </font></b><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">&#x2013;
Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its second
quarter ended June 30, 2017. </font></p><p style="margin: 0in 0in 0pt; line-height: normal;"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"></font><font style="text-decoration:underline"><strong>

</strong></font><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"><br /></font><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"></font><b><font style="text-decoration:underline"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Second
Quarter 2017 Sales and Income</font></font></b><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"><br />
Second quarter net sales were $58.5 million compared to $62.6 million in the
second quarter of 2016. The Company reported second quarter net income of $1.5
million, or $0.20 per diluted share compared to a net loss of $1.8 million, or ($0.23)
per diluted share in the second quarter of 2016.</font>

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">&#160;</font></p><p style="margin: 0in 0in 0pt; line-height: normal;">&#160;</p><p style="margin: 0in 0in 0pt; line-height: normal;"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"></font><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"></font><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Net
sales were $121.5 million compared to $120.1 million for the six months ended June
30, 2017 and 2016, respectively. The Company reported net income of $3.0
million, or $0.40 per diluted share compared to a net loss of $2.0 million, or
($0.26) per diluted share for the six months ended June 30, 2017 and 2016,
respectively. </font></p><p style="margin: 0in 0in 0pt; line-height: normal;">&#160;</p><p style="margin: 0in 0in 0pt; line-height: normal;"><font style="color: black; line-height: 107%; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Jason Brooks, President and Chief Executive
Officer, commented, &#x201c;The significant increase in second quarter profitability
year-over-year reflects the work we have done to create a more efficient
company.<font style="mso-spacerun: yes;">&#160; </font>Through enhancements to our production
facility in Puerto Rico along with a number of organizational changes aimed at
reducing our expense structure we were able to improve operating profit by
nearly $4.8 million. Equally important, we continued to see signs of
stabilization in our branded wholesale business.<font style="mso-spacerun: yes;">&#160; </font>Although wholesale sales decreased in the
quarter, in part due to the discontinuation of a low margin private label
program, we achieved higher gross margins due to less promotional sales as well
as the discontinuation of the private label program.<font style="mso-spacerun: yes;">&#160; </font>We are continuing to focus on designing and
delivering high quality branded products which support higher gross margins.&#x201d;</font></p><p style="margin: 0in 0in 0pt; line-height: normal;">&#160;</p><p style="margin: 0in 0in 0pt; line-height: normal;"><font style="font-size:10.0pt;
line-height:107%;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;;
color:black;mso-themecolor:text1">&#x201c;Looking ahead, I am encouraged by the
outlook for Rocky Brands,&#x201d; continued Brooks.<font style="mso-spacerun:yes">&#160;
</font>&#x201c;With Rocky, Georgia Boot and Durango, we have a great portfolio of
brands that hold leadership positions in their respective categories and
provide compelling growth opportunities for our wholesale segment. At the same
time, our retail model is uniquely situated to directly and efficiently serve
the footwear needs of America&#x2019;s manufacturing and labor based businesses.
Finally, the expansion of our domestic manufacturing capabilities is allowing
us to bid on and win an increasing amount of military contracts and produce
footwear at better margins. The entire organization is committed to executing
our growth and profit improvement strategies and delivering greater value to
shareholders over the long-term.&#x201d;</font></p><p style="margin: 0in 0in 0pt; line-height: normal;">&#160;&#160;</p><p style="margin: 0in 0in 0pt; line-height: normal;"><font style="color: black; line-height: 107%; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"></font>
<b style="mso-bidi-font-weight: normal;"><font style="text-decoration:underline"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Second Quarter Review</font></font></b></p><p style="margin: 0in 0in 0pt; line-height: normal;"><b style="mso-bidi-font-weight: normal;"><font style="text-decoration:underline"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"></font></font></b><b style="mso-bidi-font-weight: normal;"><font style="text-decoration:underline"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"></font></font></b><b style="mso-bidi-font-weight: normal;"><font style="text-decoration:underline"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"></font></font></b><font style="font-family: Arial, &quot;Helvetica Neue&quot;, Helvetica, sans-serif;">Net
sales for the second quarter decreased 6.6% to $58.5 million compared to $62.6 million
a year ago. Wholesale sales for the second quarter decreased 10.5% to $37.1
million compared to $41.5 million for the same period in 2016. Retail sales for
the second quarter increased 5.8% to $11.0 million compared to $10.4 million
for the same period last year. Military segment sales for the second quarter were
$10.3 million compared to $10.7 million in the second quarter of 2016.</font></p><font style="font-size: 16px;">

</font><font style="font-size: 16px;">

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">&#160;</font>

</font><p style="margin: 0in 0in 0pt; line-height: normal;"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Gross
margin in the second quarter of 2017 increased to $18.2 million, or 31.1% of
sales, compared to $16.3 million, or 26.0% of sales, for the same period last
year. The 510 basis point increase was driven by a significant improvement in both
wholesale segment and military segment margins.</font></p><font style="font-size: 16px;">

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">&#160;</font>

</font><p style="margin: 0in 0in 0pt; line-height: normal;"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Selling,
general and administrative (SG&amp;A) expenses decreased to $15.9 million, or 27.2%
of net sales, for the second quarter of 2017 compared to $18.8 million, or 30.1%
of net sales, a year ago. The $2.9 million decrease in SG&amp;A expenses was
primarily related to lower compensation expense following the workforce
reductions in the second half of 2016.</font></p><font style="font-size: 16px;">

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">&#160;</font>

</font><p style="margin: 0in 0in 0pt; line-height: normal;"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Income
from operations was $2.3 million, or 3.9% of net sales compared to a loss from
operations of $2.5 million a year ago. </font></p><font style="font-size: 16px;">

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">&#160;</font>

</font><p style="margin: 0in 0in 0pt; line-height: normal;"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Interest
expense was $80,000 for the second quarter of 2017, versus $142,000 for the
same period last year. </font></p><font style="font-size: 16px;">

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">&#160;</font>

</font><p style="margin: 0in 0in 0pt; line-height: normal;"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">The
Company&#x2019;s funded debt decreased $14.9 million, or 63.3% to $8.6 million at June
30, 2017 versus $23.5 million at June 30, 2016.&#160; </font></p><p style="margin: 0in 0in 0pt; line-height: normal;"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"></font>


<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"><br /></font></p><p style="margin: 0in 0in 0pt; line-height: normal;"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Inventory
at June 30, 2017 decreased 12.8% to $76.3 million compared to $87.6 million on
the same date a year ago. </font><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"></font>


<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"><br /></font><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"></font>

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">&#160;</font>
</p><p style="margin: 0in 0in 0pt; line-height: normal;"><b><font style="text-decoration:underline"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Conference
Call Information </font></font></b><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"><br />
The Company&#x2019;s conference call to review second quarter 2017 results will be
broadcast live over the internet today, Tuesday, July 25, 2017 at 4:30 pm
Eastern Time. The broadcast will be hosted at </font><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">http://www.rockybrands.com</font><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">.</font></p><font style="font-size: 16px;">

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"><br /></font></font><font style="font-size: 16px;">

</font><p style="margin: 0in 0in 0pt; line-height: normal;"><b><font style="text-decoration: underline;"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">About
Rocky Brands, Inc.</font></font></b><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"><br />
Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium
quality footwear and apparel marketed under a portfolio of well recognized
brand names including Rocky&#xae;, Georgia Boot&#xae;, </font><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Durango&#xae;,
Lehigh&#xae;, </font></p><p style="margin: 0in 0in 0pt; line-height: normal;"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Creative Recreation&#xae;, and the licensed brand Michelin&#xae;.</font></p><font style="font-size: 16px;">

<font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"><br /></font></font><font style="font-size: 16px;">

</font><p style="margin: 0in 0in 0pt; line-height: normal;">&#160;</p><p style="margin: 0in 0in 0pt; line-height: normal;"><b><font style="text-decoration:underline"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;">Safe
Harbor Language </font></font></b>

<b><font style="text-decoration:underline"><font style="color: black; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-themecolor: text1; mso-fareast-font-family: &quot;Times New Roman&quot;;"><font style="text-decoration: none;"></font></font></font></b></p><font style="font-size: 16px;">

<font style="font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-ansi-language: EN;">This press release
contains certain forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities
and Exchange Act of 1934, as amended, which are intended to be covered by the
safe harbors created thereby. Those statements include, but may not be limited
to, all statements regarding intent, beliefs, expectations, projections,
forecasts, and plans of the Company and its management and include statements in this press release regarding outlook (paragraph 4). These forward-looking
statements involve numerous risks and uncertainties, including, without
limitation, the various risks inherent in the Company&#x2019;s business as set forth
in periodic reports filed with the Securities and Exchange Commission,
including the Company&#x2019;s annual report on Form 10-K for the year ended December
31, 2016 (filed March 9, 2017) and quarterly report on Form 10-Q for the
quarter ended March 31, 2017 (filed May 5, 2017). One or more of these factors
have affected historical results, and could in the future affect the Company&#x2019;s
businesses and financial results in future periods and could cause actual
results to differ materially from plans and projections. Therefore, there can
be no assurance that the forward-looking statements included in this press
release will prove to be accurate. In light of the significant uncertainties
inherent in the forward-looking statements included herein, the Company, or any
other person should not regard the inclusion of such information as a
representation that the objectives and plans of the Company will be achieved.
All forward-looking statements made in this press release are based on
information presently available to the management of the Company. The Company
assumes no obligation to update any forward-looking statements.</font><font style="line-height: 107%; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-ansi-language: EN;">&#160;</font></font><div class="page-break formatted-page-break" style="width: 100%; font-family: times new roman; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; page-break-after: always;"><font>
  </font><div class="page-number" style="text-align: center;"><font></font></div><font>
  </font><div><font><hr style="border: medium none; width: 100%; height: 4px; color: black; background-color: black;" /></font></div><font>
</font></div><font style="font-size: 16px;">

</font></div>



    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Rocky Brands, Inc. and Subsidiaries</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Condensed Consolidated Balance Sheets</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>

<table class="" style="border: currentColor; border-image: none; width: 100%; color: rgb(0, 0, 0); font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif; font-size: 10pt; margin-right: auto; margin-left: auto;" cellspacing="0" cellpadding="0"><!--indentWidth=10--><tr>
<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td>
<td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;" colspan="3"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">June 30, 2017</font></div></td>
<td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td>
<td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;" colspan="3"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">December 31, 2016</font></div></td>
<td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td>
<td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;" colspan="3"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">June 30, 2016</font></div></td>
</tr>
<tr>
<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td>
<td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;" colspan="3"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Unaudited</font></div></td>
<td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td>
<td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;" colspan="3"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Audited</font></div></td>
<td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td>
<td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;" colspan="3"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Unaudited</font></div></td>
</tr><tr class="widthDefiningRow" style="font-size: 0px;">

<td colspan="1">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td colspan="3">&#160;</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">ASSETS:</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">CURRENT ASSETS:</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Cash and cash equivalents</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">2,665,148</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">4,480,505</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">2,470,576</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Trade receivables &#x2013; net</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">39,952,038</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">40,844,583</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">42,188,601</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Other receivables</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">687,851</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">688,251</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">587,779</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Inventories</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">76,314,721</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">69,168,442</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">87,555,956</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Income tax receivable</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">-</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">1,243,678</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">2,179,525</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Prepaid expenses</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">2,085,839</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">2,354,107</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">2,886,973</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 20px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Total current assets</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">121,705,597</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">118,779,566</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">137,869,410</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">FIXED ASSETS &#x2013; net</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">25,610,927</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">26,511,493</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">27,896,273</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">IDENTIFIED INTANGIBLES</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">33,351,030</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">33,415,694</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">36,481,414</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">OTHER ASSETS</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">227,720</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">232,509</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">245,934</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">TOTAL ASSETS</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">180,895,274</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">178,939,262</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">202,493,031</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">LIABILITIES AND SHAREHOLDERS' EQUITY:</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">CURRENT LIABILITIES:</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Accounts payable</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">17,475,226</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">11,589,040</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">21,892,208</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Accrued other expenses:</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">7,584,956</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">6,130,871</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">7,380,567</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 20px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Total current liabilities</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">25,060,182</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">17,719,911</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">29,272,775</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="padding-left: 20px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">-</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">LONG TERM DEBT</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">8,618,697</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">14,584,008</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">23,503,226</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">DEFERRED INCOME TAXES</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">10,464,435</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">11,365,800</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">11,968,791</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">DEFERRED LIABILITIES</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">181,737</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">176,219</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">227,345</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">TOTAL LIABILITIES</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">44,325,051</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">43,845,938</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">64,972,137</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">SHAREHOLDERS' EQUITY:</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Common stock, no par value;</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 20px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">25,000,000 shares authorized; issued and outstanding&#160;&#160;</font> June<font style="font-family: &quot;Times New Roman&quot;, Times, serif;">
 30, 2017 - 7,441,851; December 31, 2016 - </font> <font style="font-family: &quot;Times New Roman&quot;, Times, serif;">
7,421,455;&#160;June 30, 2016 - 7,481,022</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">69,449,917</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">69,291,637</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">69,890,665</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Retained earnings</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">67,120,306</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">65,801,687</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">67,630,229</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 20px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Total shareholders' equity</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">136,570,223</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">135,093,324</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">137,520,894</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</font></td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">180,895,274</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">178,939,262</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td>
<td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">202,493,031</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td>
</tr></table>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;&#160;</b></p>


<!-- Field: Page; Sequence: 3 -->
    <div class="page-break formatted-page-break" style="width: 100%; font-family: times new roman; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; page-break-after: always;">
  <div class="page-number" style="text-align: center;"></div>
  <div><hr style="border: medium none; width: 100%; height: 4px; color: black; background-color: black;" /></div>
<p style="margin: 0pt;"></p><p style="margin: 0pt;">&#160;</p></div>




    <!-- Field: /Page -->



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Rocky Brands, Inc. and Subsidiaries</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Condensed Consolidated Statements of
Operations</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"></p>

<table class="" style="border: currentColor; border-image: none; width: 100%; color: rgb(0, 0, 0); font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif; font-size: 10pt; margin-right: auto; margin-left: auto;" cellspacing="0" cellpadding="0"><!--indentWidth=10--><tr>
<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td>
<td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;" colspan="7"><div><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Three Months Ended</font></div> </td><td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td><td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;" colspan="7">Six Months Ended&#160; &#160;</td>
</tr>
<tr>
<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td>
<td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;" colspan="7"><div><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">June 30,</font>&#160;</div></td><td class="spacing" style="width: 10.03px; min-width: 10.03px; max-width: 10.03px;">&#160;</td><td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;" colspan="7">June 30, </td>
</tr>
<tr>
<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td>
<td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;" colspan="3"><div><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">2017</font></div></td>
<td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td>
<td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;" colspan="3"><div><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">2016</font></div></td><td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td><td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;" colspan="3">2017&#160;</td><td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td><td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;" colspan="3">2016&#160;</td>
</tr>
<tr>
<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td>
<td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;" colspan="3"><div><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Unaudited</font></div></td>
<td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td>
<td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;" colspan="3"><div><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Unaudited</font></div></td><td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td><td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;" colspan="3">&#160;Unaudited</td><td class="spacing" style="width: 10px; min-width: 10px; max-width: 10px;">&#160;</td><td class="tableHeaderLabel" style="text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;" colspan="3">Unaudited&#160;</td>
</tr><tr class="widthDefiningRow" style="font-size: 0px;">

<td colspan="1">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td colspan="3">&#160;</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">NET SALES</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">58,454,954</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">62,560,094</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">$</td><td class="fact value" style="text-align: right;">121,527,907</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">$</td><td class="fact value" style="text-align: right;">120,090,039</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">COST OF GOODS SOLD</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">40,291,433</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">46,296,834</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 1px; border-bottom-style: solid;">83,616,306</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 1px; border-bottom-style: solid;">84,915,887</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">GROSS MARGIN</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">18,163,521</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">16,263,260</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">37,911,601</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">35,174,152</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">SELLING, GENERAL AND</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;&#160;ADMINISTRATIVE EXPENSES</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">15,904,935</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">18,807,595</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 1px; border-bottom-style: solid;">33,286,844</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 1px; border-bottom-style: solid;">37,939,489</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">INCOME (LOSS) FROM OPERATIONS</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">2,258,586</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">(2,544,335</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">)</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">4,624,757</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">(2,765,337</td><td class="fact end" style="text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">OTHER INCOME AND (EXPENSES):</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Interest expense, net</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">(80,096</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">)</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">(142,215</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">)</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">(170,489</td><td class="fact end" style="text-align: left;">)</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">(278,191</td><td class="fact end" style="text-align: left;">)</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Other, net</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">32,693</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">19,221</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 1px; border-bottom-style: solid;">22,856</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 1px; border-bottom-style: solid;">86,749</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 20px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Total other income and (expenses), net</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">(47,403</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">)</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">(122,994</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">)</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">(147,633</td><td class="fact end" style="text-align: left;">)</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">(191,442</td><td class="fact end" style="text-align: left;">)</td>
</tr>
<tr>
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">INCOME (LOSS) BEFORE INCOME TAXES</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">2,211,183</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">(2,667,329</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">)</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">4,477,124</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">(2,956,779</td><td class="fact end" style="text-align: left;">)</td>
</tr>
<tr>
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">INCOME TAX EXPENSE (BENEFIT)</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">752,000</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">(908,000</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">)</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 1px; border-bottom-style: solid;">(1,522,000</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">)</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 1px; border-bottom-style: solid;">(1,006,000</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 1px; border-bottom-style: solid;">)</td>
</tr>
<tr>
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">NET INCOME (LOSS)</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">$</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 5px; border-bottom-style: double;">1,459,183</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">$</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 5px; border-bottom-style: double;">(1,759,329</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">)</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">$</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 5px; border-bottom-style: double;">2,955,124</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">$</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 5px; border-bottom-style: double;">(1,950,779</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">)</td>
</tr>
<tr>
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">INCOME (LOSS) PER SHARE</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Basic</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">0.20</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">(0.23</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">)</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">$</td><td class="fact value" style="text-align: right;">0.40</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">$</td><td class="fact value" style="text-align: right;">(0.26</td><td class="fact end" style="text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Diluted</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">0.20</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">$</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">(0.23</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">)</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">$</td><td class="fact value" style="text-align: right;">0.40</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">$</td><td class="fact value" style="text-align: right;">(0.26</td><td class="fact end" style="text-align: left;">)</td>
</tr>
<tr>
<td class="tableEditLabel">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">WEIGHTED AVERAGE NUMBER OF</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">&#160;&#160;&#160;&#160;COMMON SHARES OUTSTANDING</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact value" style="text-align: right; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td><td class="fact end" style="text-align: left; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="text-align: left;">&#160;</td><td class="fact value" style="text-align: right;">&#160;</td><td class="fact end" style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="padding-left: 20px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Basic</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 5px; border-bottom-style: double;">7,442,000</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 5px; border-bottom-style: double;">7,530,579</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 5px; border-bottom-style: double;">7,438,000</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 5px; border-bottom-style: double;">7,556,873</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="padding-left: 20px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: none;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif;">Diluted</font></td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 5px; border-bottom-style: double;">7,445,268</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 5px; border-bottom-style: double;">7,530,579</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 5px; border-bottom-style: double;">7,441,514</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td>
<td class="spacing" style="width: 10.04px; min-width: 10.04px; max-width: 10.04px;">&#160;</td>
<td class="fact start" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td><td class="fact value" style="border-color: black; text-align: right; border-bottom-width: 5px; border-bottom-style: double;">7,556,873</td><td class="fact end" style="border-color: black; text-align: left; border-bottom-width: 5px; border-bottom-style: double;">&#160;</td>
</tr></table>



<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: center; color: red; font-size-adjust: none; font-stretch: normal;">&#160;</p>



<!-- Field: Page; Sequence: 4; Options: Last -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>








</body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
