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<SEC-DOCUMENT>0000897101-10-002258.txt : 20101115
<SEC-HEADER>0000897101-10-002258.hdr.sgml : 20101115
<ACCEPTANCE-DATETIME>20101115112927
ACCESSION NUMBER:		0000897101-10-002258
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20101115
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101115
DATE AS OF CHANGE:		20101115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Electromed, Inc.
		CENTRAL INDEX KEY:			0001488917
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MN

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34839
		FILM NUMBER:		101190084

	BUSINESS ADDRESS:	
		STREET 1:		500 SIXTH AVENUE NW
		CITY:			NEW PRAGUE
		STATE:			MN
		ZIP:			56071
		BUSINESS PHONE:		952-758-9299

	MAIL ADDRESS:	
		STREET 1:		500 SIXTH AVENUE NW
		CITY:			NEW PRAGUE
		STATE:			MN
		ZIP:			56071
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>elmd105706_8k.htm
<DESCRIPTION>FORM 8-K DATED NOVEMBER 15, 2010
<TEXT>

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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face="'Times New Roman,serif'">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">Washington, D.C. 20549</FONT></B></P>
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<P style="MARGIN: 6pt 0in; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 20pt" face="'Times New Roman,serif'">FORM 8-K</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">CURRENT REPORT</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'"> </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">Date of report (Date of earliest event reported): November 15, 2010</FONT></P>
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<P style="MARGIN: 6pt 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 24pt" face="'Times New Roman,serif'">ELECTROMED, INC.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(Exact Name of Registrant as Specified in Its Charter)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 12pt" face="'Times New Roman,serif'" color=black>001-34839</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 12pt" face="'Times New Roman,serif'" color=black>41-1732920</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(Commission File Number) </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'" color=black>500 Sixth Avenue NW<BR>
New Prague, MN&nbsp; 56071</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'"><BR>
</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(Address of Principal Executive Offices)(Zip Code) </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'" color=black>(952) 758-9299</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'"><BR>
</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(Registrant&#146;s Telephone Number, Including Area Code) </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">Not Applicable</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"><BR>
(Former Name or Former Address, if Changed Since Last Report)</FONT></P>
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<P style="MARGIN: 6pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'MS Mincho'" color=black>&#9744;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'" color=black>&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'MS Mincho'" color=black>&#9744;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'" color=black>&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'MS Mincho'" color=black>&#9744;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'" color=black>&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'MS Mincho'" color=black>&#9744;</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'" color=black>&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">Item 8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Events</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">On November 15, 2010, the Company issued a press release and mailed a letter to shareholders of record and non-objecting beneficial owners to communicate its financial results and operational highlights for the fiscal quarter ended September 30, 2010. The press release and quarterly letter&nbsp;are attached hereto as Exhibits 99.1 and 99.2, respectively. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'" color=black>Item&nbsp;9.01 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'" color=black></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="'Times New Roman,serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial statements:&nbsp; None.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="'Times New Roman,serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro forma financial information:&nbsp; None.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="'Times New Roman,serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell company transactions:&nbsp; None.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="'Times New Roman,serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="'Times New Roman,serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.1&nbsp;&nbsp;&nbsp;&nbsp;Press Release&nbsp;dated November 15, 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="'Times New Roman,serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.2&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Letter to Shareholders dated November 15, 2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">SIGNATURES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Electromed, Inc.<BR>
&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Date: November 15, 2010&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">By /s/ Terry M. Belford&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Name:&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Terry M. Belford</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Title:&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Chief Financial Officer</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">EXHIBIT INDEX</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">Electromed, Inc.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'">Form 8-K Current Report</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Exhibit<BR>
Number&nbsp;&nbsp;</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Description</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">99.1</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Press Release&nbsp;dated November 15, 2010</FONT></P>
</TD></TR>
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     <TD vAlign=top noWrap width="6%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">99.2</FONT></P>
</TD>
     <TD vAlign=bottom width="4%"></TD>
     <TD vAlign=top width="90%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Quarterly Letter to Shareholders dated November 15, 2010</FONT> </P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>elmd105706_ex99-1.htm
<DESCRIPTION>PRESS RELEASE DATED NOVEMBER 15, 2010
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>
<BR>

<P align=right><FONT SIZE=2><B>Exhibit 99.1 </B></FONT></P>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
<P><FONT SIZE=5 FACE=ARIAL><I><B>ELECTROMED, INC.</B></I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT FACE="ARIAL" SIZE="1" color=#435B73><B><I>Creating superior care
through innovation<SUP>&reg;</SUP></I></B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>FOR IMMEDIATE RELEASE </B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Contact: </B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Robert D.
 Hansen </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chairman and
 Chief Executive Officer </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Electromed,
 Inc. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>952-758-9299
 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><U>bhansen@electromed.com
 </U></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Pankti Shah </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director of
 Strategic Marketing </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Event
 Group, Incorporated </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>763-548-1304
 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>pankti.shah@eventshows.com
 </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><B>ELECTROMED, INC. REPORTS 2011 FIRST QUARTER
RESULTS<BR>
<I>29% Increase in First Quarter Revenue
Compared to Prior Year</I></B></FONT></P>

<P><FONT SIZE=2><B>New Prague, Minnesota &#150; November 15, 2010</B>
&#150; Electromed, Inc. (NASDAQ: ELMD) today announced financial results for the
three months ended September 30, 2010. Net revenues for the three months ended
September 30, 2010 were approximately $4,165,000, a 29% increase compared to
net revenues of approximately $3,228,000 for the same period last year. The
Company also announced for the three months ended September 30, 2010 net income
of approximately $112,000, or $0.02 per basic and diluted share. These results
represent a decrease over the reported net income of $335,737, or $0.06 and
$0.05 per basic and diluted share, respectively, for the same period last year.
The reduction primarily resulted from increases in expenses designed to
develop, support, and maintain a higher sales level. </FONT></P>

<P><FONT SIZE=2>Gross profit
increased to approximately $3,003,000, or 72.1% of net revenues, for the three
months ended September 30, 2010, from approximately $2,501,000, or 77.5% of
net revenues in the three month period ended September 30, 2009. The increase
in gross profit dollars resulted primarily from the increase in sales volume.
The decrease in gross profit percentage was primarily the result of lower than
average reimbursement from the mix of referrals during the three month period.
Factors such as diagnoses which are not assured of reimbursement and insurance
programs with lower allowable reimbursement amounts (for example, state
Medicaid programs) affect average reimbursement received on a short-term basis
and tend to fluctuate on a quarterly basis. The Company&#146;s management does not
believe the results of the quarter ended September 30, 2010 are indicative of a
long-term decrease in margins. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>Electromed, Inc. </B></FONT></P>

<P><FONT SIZE=2><B>Three-Month Results as of September 30, 2010</B></FONT></P>

<P><FONT SIZE=2><B>Page 2</B></FONT></P>
<BR>


<P><FONT SIZE=2>Operating
expenses for the three month period ended September 30, 2010 increased by
approximately $875,400, to $2,756,000, compared to the same period last year.
These planned increases resulted from higher payroll and compensation-related
expenses related to adding employees to support sales and marketing
initiatives, patient training costs related to a higher sales volume, and trade
show expenses related to the Company&#146;s Annual Sales Meeting occurring in the
first quarter of fiscal 2011, compared to the second quarter of fiscal 2010.
Additionally, the Company continued to focus on research and development
efforts, resulting in research and development expenses of approximately
$198,000 in the first quarter of fiscal 2011 compared to approximately $115,000
for the same period last year. </FONT></P>

<P><FONT SIZE=2>Total cash
increased to approximately $6,016,000 as of September 30, 2010. For the three
months ended September 30, 2010, cash provided by financing activities was
approximately $5,760,000, consisting of approximately $7,600,000 gross proceeds
from the issuance of common stock in the Company&#146;s initial public offering,
offset by approximately $1,230,000 of offering expenses incurred during the
fiscal quarter, payments on the Company&#146;s revolving credit line of $500,000,
and principal payments on long-term debt of approximately $105,000. An
aggregate of $294,000 was used for investing activities during the first fiscal
quarter, including $196,000 relating to defense of the SmartVest<SUP>&reg;</SUP>
trademark and $98,000 for the purchase of property and equipment. On September
30, 2010, the Company reached a confidential settlement in a trademark
infringement lawsuit brought against it by Hill-Rom Services, Inc., Advanced
Respiratory, Inc., Hill-Rom Company, Inc., and Hill-Rom Services Pte. Ltd.
(collectively, &#147;Hill-Rom&#148;), regarding the Company&#146;s use of the term &#147;SmartVest<SUP>&reg;</SUP>.&#148;
The terms of the settlement agreement are confidential. The Company has no
plans to change its marks. The company expects that the settlement will result
in a decrease in expenses relating to litigation defense. </FONT></P>

<P><FONT SIZE=2><B>About Electromed, Inc. </B></FONT></P>

<P><FONT SIZE=2>Electromed, Inc., founded in
1992 and headquartered in New Prague, Minnesota, manufactures, markets, and
sells products that provide airway clearance therapy, including the SmartVest<SUP>&reg;</SUP>
Airway Clearance System and related products, to patients with compromised
pulmonary function. Further information about the Company can be found at
www.Electromed.com. </FONT></P>

<P><FONT SIZE=2><I><B>Cautionary
Statements </B></I></FONT><BR>

<FONT SIZE=2 COLOR="#999999"><I>Certain statements found in
this release may constitute forward-looking statements as defined in the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking statements
reflect the speaker&#146;s current views with respect to future events and financial
performance and include any statement that does not directly relate to a
current or historical fact. The forward-looking statements in this release
include the company&#146;s expectations relating to gross margins, litigation
expense and continued use of the SmartVest</I><FONT COLOR="#999999"><SUP>&reg;</SUP></FONT><FONT COLOR="#999999"><I> mark, and can
generally otherwise be identified by the words &#147;believe,&#148; &#147;expect,&#148; </I></FONT></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>Electromed, Inc. </B></FONT></P>

<P><FONT SIZE=2><B>Three-Month Results as of September 30, 2010</B></FONT></P>

<P><FONT SIZE=2><B>Page 3</B></FONT></P>

<P><FONT SIZE=2 COLOR="#999999"><I> &#147;anticipate&#148; or &#147;intend&#148; or
similar words. Forward-looking statements cannot be guaranteed and actual
results may vary materially due to the uncertainties and risks, known and
unknown, associated with such statements. Examples of risks and uncertainties
for Electromed include, but are not limited to, the impact of emerging and
existing competitors, the effectiveness of our sales and marketing initiatives,
our ability to successfully implement our marketing and sales strategies, the
risk that we may be party to infringement actions in the future (although at
this time we are not aware of any undisclosed actual or threatened litigation
that would have a material adverse effect on our financial condition or results
of operations), as well as other factors described from time to time in our
reports to the Securities and Exchange Commission (including our Annual Report
on Form 10-K). Investors should not consider any list of such factors to be an
exhaustive statement of all of the risks, uncertainties or potentially
inaccurate assumptions investors should take into account when making
investment decisions. Shareholders and other readers should not place undue
reliance on &#147;forward-looking statements,&#148; as such statements speak only as of
the date of this release. </I></FONT></P>

<P><FONT SIZE=2>Financial
Tables Follow: </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-more-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>



<P ALIGN=CENTER><FONT SIZE=2><B>Electromed, Inc. and Subsidiary<BR>
Condensed Consolidated Balance Sheets</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=CENTER><FONT SIZE=1><B>September 30<BR>
</B><FONT SIZE=1><B>2010</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=CENTER><FONT SIZE=1><B>June 30<BR>
 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=CENTER><FONT SIZE=1><B> (Unaudited</B><FONT SIZE=1><B>)</B></FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Current Assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Cash and cash equivalents</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>6,015,773</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>610,727</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Accounts receivable (net of allowances for doubtful accounts of
 $45,000)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,047,718</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6,577,002</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Inventories</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>1,435,045</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>1,470,775</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Prepaid expenses and other current assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>338,794</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>269,193</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Deferred income taxes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>514,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>514,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total current assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2>15,351,330</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2>9,441,697</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Property and equipment, net</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>2,733,898</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>2,688,941</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Finite-life intangible assets, net</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,305,293</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,055,776</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Deferred common stock offering costs</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>828,034</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Other assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>146,673</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>128,789</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>19,537,194</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>14,143,237</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Liabilities and Stockholders&#146; Equity</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Current Liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Revolving line of credit</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,268,128</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,768,128</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Current maturities of long-term debt</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>400,111</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>397,886</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Accounts payable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>930,921</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,239,827</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Accrued compensation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>676,212</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>665,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Warranty reserve</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>389,754</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>363,277</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Other accrued liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>185,357</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>60,308</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Income tax payable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>52,291</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>7,789</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total current liabilities</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>3,902,774</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>4,502,298</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Long-term debt, less current maturities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,925,673</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,033,325</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Deferred income taxes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>145,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>145,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total liabilities</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>5,973,447</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>6,680,623</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Commitments and Contingencies</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Stockholders&#146; Equity</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Electromed, Inc. stockholders&#146; equity:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Common stock, $0.01 par value; authorized: 10,000,000 shares; issued
 and outstanding: 8,087,885 and 6,187,885 shares, respectively</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>80,879</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>61,879</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Additional paid-in capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>12,655,425</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>6,685,362</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Retained earnings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>909,943</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>797,873</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Common stock subscriptions receivable for shares outstanding of 48,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>(82,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>(82,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total stockholders&#146; equity</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>13,563,747</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>7,462,614</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total liabilities and stockholders&#146; equity</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>19,537,194</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>14,143,237</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>-more-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>


<P ALIGN=CENTER><FONT SIZE=2><B>Electromed, Inc. and Subsidiary<BR>
Condensed Consolidated Statements of Income (Unaudited)</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=CENTER><FONT SIZE=1><B>For the Three Months Ended<BR>
 September 30,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-RIGHT:NONE'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2>Net revenues</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>4,165,429</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>3,228,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Cost of revenues</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>1,161,947</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>727,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Gross profit</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>3,003,482</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>2,501,020</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Operating expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2>Selling, general and
 administrative</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>2,557,338</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>1,764,858</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Research and development</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>198,386</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>115,466</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Total operating expenses</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>2,755,724</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>1,880,324</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Operating income</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2>247,758</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2>620,696</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2>Interest expense, net of
 interest income of $1,971and $1,196 respectively</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>59,688</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>67,440</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Net income before income taxes</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2>188,070</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2>553,256</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2>Income tax expense</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>(76,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>(211,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Net income</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2>112,070</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2>342,256</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2>Less: Net income
 attributable to noncontrolling interest</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>&#8213;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>(6,519</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Net income attributable to Electromed, Inc.</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>112,070</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>335,737</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2>Earnings per share
 attributable to Electromed, Inc. common shareholders:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Basic</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>0.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>0.06</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Diluted</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>0.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>0.05</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Weighted-average Electromed,
 Inc. common shares outstanding:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Basic</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>6,986,798</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>6,057,883</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Diluted</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>7,002,904</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>6,116,489</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>-more-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>




<P ALIGN=CENTER><FONT SIZE=2><B>Electromed, Inc. and Subsidiary<BR>
Condensed Consolidated Statements of Cash Flows (Unaudited)</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=CENTER><FONT SIZE=1><B>For the Three Months Ended<BR>
 September 30,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Cash Flows From Operating Activities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Net income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>112,070</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>342,256</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Adjustments to reconcile net income to net cash provided by (used in)
 operating activities:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Depreciation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>78,684</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>79,241</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Amortization of finite-life intangible assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>25,721</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>4,832</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Amortization of debt issuance costs</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13,408</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,504</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Share-based compensation expense</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>42,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>39,173</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Deferred income taxes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#8213;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(78,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Loss on disposal of property and equipment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>2,385</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>1,302</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Issuance of common stock for payment of services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#8213;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>22,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Changes in operating assets and liabilities:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Accounts receivable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(470,716</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(253,459</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Inventories</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>35,730</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>(129,979</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Prepaid expenses and other assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(96,234</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(63,948</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Accounts payable and accrued liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>194,943</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>89,198</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Net cash provided by (used in) operating activities</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>(61,109</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>55,620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Cash Flows From Investing Activities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Expenditures for property and equipment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(97,544</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(25,138</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Expenditures for finite-life intangible assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>(196,332</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>&#8213;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Net cash used in investing activities</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>(293,876</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>(25,138</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Cash Flows From Financing Activities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Payments on revolving line of credit</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#8213;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Principal payments on long-term debt including capital lease
 obligations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>(105,428</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>(99,459</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Payments of deferred financing fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(4,659</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#8213;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Proceeds from sales of 1.9 million shares of common stock, net of
 offering costs of $1,229,882</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>6,370,118</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>&#8213;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Proceeds from warrant exercises</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#8213;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>49,333</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Proceeds from subscription notes receivable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>&#8213;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>7,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Net cash provided by (used in) financing activities</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>5,760,031</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>(42,626</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Net increase (decrease) in cash and cash equivalents</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>5,405,046</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>(12,144</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Cash and cash equivalents</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Beginning of period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>610,727</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2>361,916</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:  #D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>End of period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>6,015,773</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2>349,772</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>####</FONT></P>


<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>elmd105706_ex99-2.htm
<DESCRIPTION>QUARTERLY LETTER TO SHAREHOLDERS DATED NOVEMBER 15, 2010
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>
<P align=right><FONT SIZE=2><B>Exhibit 99.2 </B></FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=3 COLOR=WHITE FACE=ARIAL><I><B>ELECTROMED, INC.</B></I></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1 COLOR=WHITE FACE=ARIAL><I><B>Creating superior care
 through innovation<SUP>&reg;</SUP></B></I></FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
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 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>First Quarter FY2011 (Ended September 30,
 2010)</B></FONT></P>
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 </TD>
 <TD ROWSPAN=5>
 <P><FONT SIZE=5 color=#008CA8 FACE=ARIAL><I>Dear<BR><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Shareholders,</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=3  FACE=ARIAL><B>Letter
 to Shareholders</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>Robert D. Hansen </B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>Chairman and Chief Executive Officer </B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><B>November 15, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P STYLE="MARGIN-TOP:-130PX; MARGIN-RIGHT:5%" ALIGN="RIGHT"><FONT SIZE=2><img  src="a105706001_v1.jpg"ALT="(PHOTO OF ROBERT D. HANSEN)"></font></P>

<P STYLE="MARGIN-LEFT:11%; MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>We recently announced our results for the first quarter of the 2011
fiscal year, which ended September 30, 2010. <I>For
a full description of our results for the quarter, please refer to the
financial statements and notes to the financial statements in our Quarterly
Report on Form 10-Q, which can be accessed at the SEC&#146;s website (www.sec.gov).</I></FONT></P>

<P STYLE="MARGIN-LEFT:11%; MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>During Q1 FY2011, sales advanced 29%, rising from $3,228,120 in the
comparable prior year period to $4,165,429 in the latest period. The Company
remained profitable, generating approximately $112,000 of after-tax profits.
Net income for the comparable prior year period was approximately $336,000. The
reduction resulted from a deliberate plan by management to increase investment
in sales staff, R&amp;D, and the company&#146;s ability to support and maintain a
higher level of sales. Sales staff also conducted its Annual Sales Meeting in
Q1 FY2011 rather than Q2 FY2011, transferring these expenses into the first
quarter rather than the second quarter as practiced in prior years.</FONT></P>

<P STYLE="MARGIN-LEFT:11%; MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>The Q1 FY2011 gross margin was 72%. During the comparable period in the
prior year, the gross margin was 77%. This variation reflects shifts in the mix
of patient prescriptions received, which in turn impacts the average
reimbursement received on a short-term basis. </FONT></P>

<P STYLE="MARGIN-LEFT:11%; MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>Of particular importance to the Company and its shareholders are the
advancements now evident in the balance sheet. The successful completion of our
IPO during mid-August resulted in the sale of 1,900,000 shares of the company&#146;s
common stock at $4.00 per share. This figure includes the purchase of an
over-allotment of 200,000 shares by the underwriter, Feltl and Company, Inc.</FONT></P>

<P STYLE="MARGIN-LEFT:11%; MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>Total shareholder equity rose 82% from June 30, 2010 to September 30,
2010, increasing from $7,462,614 to $13,563,747. The current ratio of Total
Current Assets to Total Current Liabilities is now nearly 4:1. The Company&#146;s
total assets are approaching $20,000,000. Management is well positioned and
determined to maintain the company&#146;s pattern of strong growth.</FONT></P>

<P STYLE="MARGIN-LEFT:11%; MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>On September 30, 2010 the Company reached a confidential settlement of
litigation with several subsidiaries of its major competitor, Hill-Rom
Holdings, Inc., involving Electromed&#146;s use of its &#147;SmartVest<SUP>&reg;</SUP>&#148; mark.
Electromed has no plans to change its use of the SmartVest<SUP>&reg;</SUP> mark
following the settlement. We are pleased to have reached a settlement because
it alleviates litigation expenses and will allow management to direct even
greater attention to implementation of our growth strategy.</FONT></P>

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 <P><FONT FACE="ARIAL" COLOR="WHITE" SIZE="2">www.Electromed.com | Nasdaq: ELMD </FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT FACE="ARIAL" COLOR="WHITE" SIZE="2">1 </FONT></P>
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<P STYLE="MARGIN-LEFT:11%; MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>The Company, pursuant to its plans, continues to seek to strengthen its
financial position and to remain a leader in creating and manufacturing High
Frequency Chest Wall Oscillation (HFCWO) therapy products for sale in the
United States and overseas markets.</FONT></P>

<P STYLE="MARGIN-LEFT:11%; MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>At the Company&#146;s Annual Meeting of Shareholders, held on November 5,
2010, the shareholders voted to increase the number of Board members from five
to seven. The shareholders elected Mr. Steve Craney of Winona, Minnesota and
Mr. Darrel Kloeckner of Marine-on-St. Croix, Minnesota to fill the new
directorships. Their presence and participation will add a new level of
experience and judgment, which are welcomed and valued. The shareholders also
voted to increase the number of shares of authorized stock to 15,000,000 shares
authorized with 2,000,000 shares of that total undesignated, as presented in
the proxy statement filed with the SEC and mailed to shareholders.</FONT></P>

<P STYLE="MARGIN-LEFT:11%; MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>Despite challenging conditions in the economy, within health care, and
in Washington, D.C., your Company has continued to maintain growth and
profitability. This is a tribute to your patience and encouragement as
shareholders. Be confident that your Board, management, and employees of this
Company appreciate your support. We will continue to seek to earn your trust
and appreciation through dedicated efforts to attain strong financial
performance.</FONT></P>

<P STYLE="MARGIN-LEFT:11%; MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>Sincerely,</FONT></P>

<P STYLE="MARGIN-LEFT:11%; MARGIN-RIGHT:5%"><FONT SIZE=2><img  src="a105706002_v1.jpg"ALT="-s- Robert D. Hansen "></font></P>

<P STYLE="MARGIN-LEFT:11%; MARGIN-RIGHT:5%"><FONT SIZE=2 FACE=ARIAL>Robert D.
Hansen</FONT><BR>

<FONT SIZE=2 FACE=ARIAL>Chairman
and Chief Executive Officer </FONT><BR>

<FONT SIZE=2 FACE=ARIAL>November
15, 2010</FONT></P>

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 <TD VALIGN=TOP BGCOLOR="#BFE0DF" STYLE='BACKGROUND:  #BFE0DF'>
 <P><FONT SIZE=2 FACE=ARIAL><B>CAUTIONARY
 STATEMENTS</B></FONT></P>
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 <P ALIGN="JUSTIFY" style=MARGIN-RIGHT:2%><FONT SIZE=2 FACE=ARIAL><I>Certain statements found in this letter may constitute
 forward-looking statements as defined in the U.S. Private Securities
 Litigation Reform Act of 1995. Forward-looking statements reflect the
 speaker&#146;s current views with respect to future events and financial
 performance and include any statement that does not directly relate to a
 current or historical fact. Our forward-looking statements in this release
 relate to our future financial performance and position, product innovation,
 and our competitive position. Forward-looking statements cannot be guaranteed
 and actual results may vary materially due to the uncertainties and risks,
 known and unknown, associated with such statements. Examples of risks and
 uncertainties for Electromed include the competitive nature of our market,
 changes to Medicare, Medicaid, or private insurance reimbursement policies,
 changes to health care laws, changes affecting the medical device industry,
 our need to maintain regulatory compliance and to gain future regulatory
 approvals and clearances, our ability to protect our intellectual property,
 the effect of litigation, including legal expenses, that may arise with
 respect to our intellectual property in the ordinary course of business or
 otherwise, and general economic and business conditions, as well as other
 factors described from time to time in our reports to the Securities and
 Exchange Commission (including our Annual Report on Form 10-K). Investors
 should not consider any list of such factors to be an exhaustive statement of
 all of the risks, uncertainties or potentially inaccurate assumptions
 investors should take into account when making investment decisions.
 Shareholders and other readers should not place undue reliance on
 &#147;forward-looking statements,&#148; as such statements speak only as of the date of
 this release. We do not intend to update publicly or revise any
 forward-looking statements.</I></FONT></P>
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 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT FACE="ARIAL" COLOR="WHITE" SIZE="2">www.Electromed.com | Nasdaq: ELMD </FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT FACE="ARIAL" COLOR="WHITE" SIZE="2">2 </FONT></P>
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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="40%" STYLE="BORDER: SOLID WHITE 5PX; MARGIN-TOP:-36PT; MARGIN-LEFT:15%; PADDING:5PX">
 <TR>
 <TD VALIGN=TOP WIDTH="100%" BGCOLOR="#008CA8" STYLE='BACKGROUND:  #008CA8'>
 <P><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>ELECTROMED, INC. &amp; SUBSIDIARY CONSOLIDATED
 BALANCE SHEETS</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="61%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#003768" FACE=ARIAL><B>Sept. 30, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#003768" FACE=ARIAL><B>June 30, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#003768" FACE=ARIAL>(Unaudited<FONT  COLOR="#003768" FACE=ARIAL>)</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2 FACE=ARIAL><B>Assets</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Current Assets</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Cash and cash equivalents</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,015,773</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>610,727</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Accounts receivable (net allowances for doubtful accounts
 of $45,000)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7,047,718</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,577,002</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Inventories</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,435,045</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,470,775</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Prepaid expenses and other current assets</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>338,794</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>269,193</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Deferred income taxes</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>514,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>514,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total current assets</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15,351,330</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9,441,697</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Property and equipment, net</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,733,898</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,688,941</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Finite-life intangible assets, net</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,305,293</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,055,776</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Deferred common stock offering costs</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>828,034</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Other assets</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>146,673</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>128,789</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total assets</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19,537,194</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14,143,237</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Liabilities and Stockholders&#146; Equity</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Current Liabilities</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Revolving line of credit</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,268,128</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,768,128</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Current maturities of long-term debt</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>400,111</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>397,886</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Accounts payable</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>930,921</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,239,827</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Accrued compensation</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>676,212</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>665,083</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Warranty reserve</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>389,754</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>363,277</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Other accrued liabilities</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>185,357</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>60,308</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Income tax payable</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>52,291</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7,789</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total current liabilities</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,902,774</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4,502,298</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Long-term debt, less current maturities</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,925,673</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,033,325</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Deferred income taxes</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>145,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>145,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total liabilities</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5,973,447</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,680,623</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD COLSPAN=12 HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8"  STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2 FACE=ARIAL>Commitments and Contingencies <FONT  SIZE=1 FACE=ARIAL>(Note 7 to condensed consolidated financial statements in
 form 10-Q for the quarter ended September 30, 2010)</FONT></FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Stockholder&#146;s Equity</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Electromed, Inc. stockholders&#146; equity:</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Common stock, $0.01 par value; authorized: 10,000,000
 shares; issued and outstanding: 8,087,885 and 6,187,885 shares, respectively</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>80,879</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>61,879</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN' BGCOLOR="#D6F3E8">
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Additional paid-in capital</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12,655,425</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,685,362</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Retained earnings</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>909,943</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>797,873</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN' BGCOLOR="#D6F3E8">
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Common Stock subscriptions receivable for shares
 outstanding of 48,500</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(82,500</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(82,500</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total stockholders&#146; equity</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13,563,747</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7,462,614</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM  >
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN' BGCOLOR="#D6F3E8">
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total liabilities and stockholders&#146;
 equity</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19,537,194</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14,143,237</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT FACE="ARIAL" COLOR="WHITE" SIZE="2">www.Electromed.com | Nasdaq: ELMD </FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT FACE="ARIAL" COLOR="WHITE" SIZE="2">3 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="45%" STYLE="BORDER: SOLID WHITE 5PX; MARGIN-TOP:-36PT; MARGIN-LEFT:15%; PADDING:5PX">
 <TR>
 <TD VALIGN=TOP WIDTH="100%" BGCOLOR="#008CA8" STYLE='BACKGROUND:  #008CA8'>
 <P><FONT SIZE=2 COLOR=WHITE FACE=ARIAL><B>ELECTROMED, INC. &amp; SUBSIDIARY
 CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="63%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=9 HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>For the Three Months Ended</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=9 HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>September 30,</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#003768" FACE=ARIAL><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=4 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-RIGHT:NONE'>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR="#003768" FACE=ARIAL><B>2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Net Revenues</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$&nbsp;4,165,429</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,228,120</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Cost of revenues</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,161,947</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>727,100</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Gross Profit</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3,003,482</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,501,020</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Operating Expenses</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Selling, general and administrative</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,557,338</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,764,858</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Research and development</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>198,386</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>115,466</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Total operating expenses</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2,755,724</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1,880,324</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Operating income</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>247,758</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>620,696</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Interest expense, net of interest income of $1,971 and
 $1,196 respectively</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>59,688</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>67,440</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Net income before income taxes</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>188,070</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>553,256</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Income tax expense</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(76,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(211,000</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Net income</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>112,070</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>342,256</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Less: Net income attributable to noncontrolling interest</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>-</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(6,519</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>Net income attributable to Electromed,
 Inc.</B></FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$&nbsp;&nbsp;&nbsp;&nbsp;112,070</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>335,737</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Earnings per share attributable to Electromed, Inc. common
 shareholders:</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Basic</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$0.02</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$0.06</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Diluted</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$0.02</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>$0.05</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Weighted-average Electromed, Inc. common shares
 outstanding</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Basic</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,986,798</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,057,883</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM BGCOLOR="#D6F3E8" STYLE='BACKGROUND:#D6F3E8'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR HEIGHT=19 STYLE='HEIGHT:.2IN'>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Diluted</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7,002,904</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6,116,489</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD HEIGHT=19 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

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 <P><FONT FACE="ARIAL" COLOR="WHITE" SIZE="2">www.Electromed.com | Nasdaq: ELMD </FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
 <P><FONT FACE="ARIAL" COLOR="WHITE" SIZE="2">4 </FONT></P>
 </TD>
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 <TD VALIGN=TOP BGCOLOR="#003768" STYLE='BACKGROUND:  #003768'>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
