<SEC-DOCUMENT>0001161697-16-001219.txt : 20161227
<SEC-HEADER>0001161697-16-001219.hdr.sgml : 20161226
<ACCEPTANCE-DATETIME>20161227172009
ACCESSION NUMBER:		0001161697-16-001219
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161227
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161227
DATE AS OF CHANGE:		20161227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REPRO MED SYSTEMS INC
		CENTRAL INDEX KEY:			0000704440
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				133044880
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12305
		FILM NUMBER:		162071099

	BUSINESS ADDRESS:	
		STREET 1:		24 CARPENTER RD
		CITY:			CHESTER
		STATE:			NY
		ZIP:			10918
		BUSINESS PHONE:		845-469-2042

	MAIL ADDRESS:	
		STREET 1:		24 CARPENTER RD
		CITY:			CHESTER
		STATE:			NY
		ZIP:			10918
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form_8-k.htm
<DESCRIPTION>FORM 8-K FOR 12-27-2016
<TEXT>
<HTML>
<HEAD>
</HEAD>
<TITLE></TITLE>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<DIV style="width:720px">
<BR>
<P style="margin:0" align=center><B>UNITED STATES</B></P>
<P style="margin:0" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0" align=center><B>Washington, DC 20549</B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0; font-size:12pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0; font-size:12pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0" align=center>Date of Report (Date of earliest event reported)&nbsp;&nbsp;&nbsp;<B><U>December 27, 2016</U></B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0; font-size:14pt" align=center><B><U>REPRO MED SYSTEMS, INC.</U></B></P>
<P style="margin:0" align=center>(Exact name of registrant as specified in its charter)</P>
<P style="margin:0" align=center>&nbsp;</P>
<TABLE style="margin-top:0; font-size:10pt" cellpadding=0 cellspacing=0 align=center>
<TR><TD style="margin-top:0" valign=top width=240><P style="margin:0" align=center><B><U>New York</U></B></P>
</TD><TD style="margin-top:0" valign=top width=240><P style="margin:0" align=center><B><U>0-12305</U></B></P>
</TD><TD style="margin-top:0" valign=top width=240><P style="margin:0" align=center><B><U>13-3044880</U></B></P>
</TD></TR>
<TR><TD style="margin-top:0" valign=top width=240><P style="margin:0" align=center>(State or other jurisdiction<BR>
of incorporation)</P>
</TD><TD style="margin-top:0" valign=top width=240><P style="margin:0" align=center>(Commission<BR>
File Number)</P>
</TD><TD style="margin-top:0" valign=top width=240><P style="margin:0" align=center>(IRS Employer<BR>
Identification No.)</P>
</TD></TR>
</TABLE>
<P style="margin:0" align=center><BR></P>
<TABLE style="margin-top:0; font-size:10pt" cellpadding=0 cellspacing=0 align=center>
<TR><TD style="margin-top:0" valign=top width=288><P style="margin:0" align=center><B><U>24 Carpenter Road, Chester, New York</U></B></P>
</TD><TD style="margin-top:0" valign=top width=96><P style="margin:0" align=center><B><U>10918</U></B></P>
</TD></TR>
<TR><TD style="margin-top:0" valign=top width=288><P style="margin:0" align=center>(Address of principal executive offices)</P>
</TD><TD style="margin-top:0" valign=top width=96><P style="margin:0" align=center>(Zip Code)</P>
</TD></TR>
</TABLE>
<P style="margin:0" align=center><BR></P>
<P style="margin:0" align=center>Registrant&rsquo;s telephone number, including area code&nbsp;&nbsp;&nbsp;<B><U>(845) 469-2042</U></B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0" align=center><U>not applicable</U></P>
<P style="margin:0" align=center>(Former name or former address, if changed since last report)</P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0; text-align: justify">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</P>
<P style="margin:0; text-align: justify">&nbsp;</P>
<P style="margin:0; text-align: justify">[ &nbsp;] &nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P style="margin:0; text-align: justify">&nbsp;</P>
<P style="margin:0; text-align: justify">[ &nbsp;] &nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P style="margin:0; text-align: justify">&nbsp;</P>
<P style="margin:0; text-align: justify">[ &nbsp;] &nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style="margin:0; text-align: justify">&nbsp;</P>
<P style="margin:0; text-align: justify">[ &nbsp;] &nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P style="margin:0"><BR></P>
<HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><BR>


<P style="margin:0"><B>2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.</B></P>
<P style="margin:0"><BR></P>
<P style="margin:0; text-indent:48; text-align: justify">The Company announced that its net revenues for the third quarter ended November 30 of fiscal 2017 were $3,193,113 compared with $3,144,954 for the third quarter of fiscal 2016. Net loss for the quarter was $104,275 compared with net income of $167,552 for the same period last year. For the nine months ended November 30, 2016, net loss was $420,204 compared with net income of $438,126. RMS continues to incur professional fees related to regulatory and litigation and has made significant investment over the last nine months in its sales, regulatory, quality and operations management, including hiring a Chief Medical Officer to help launch RMS to the next level of growth.</P>
<P style="margin:0"><BR></P>
<P style="margin:0"><B>ITEM 8.01 OTHER EVENTS.</B></P>
<P style="margin:0"><BR></P>
<P style="margin:0; text-indent:48; text-align: justify">The Company issued a press release on December 27, 2016 titled &ldquo;RMS Medical Products Posts Third Quarter 2017 Results&rdquo;.</P>
<P style="margin:0"><BR></P>
<P style="margin:0"><B>ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.</B></P>
<P style="margin:0"><BR></P>
<P style="margin:0; text-align: justify">(d) Exhibits.</P>
<P style="margin:0"><BR></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 720px">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 96"><U>Exhibit No.</U></TD>
    <TD STYLE="width: 624"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>99.1</TD>
    <TD><A HREF="ex_99-1.htm">Press release dated December 27, 2016</A></TD></TR>
</TABLE>
<P style="margin:0"><BR></P>
<P style="margin:0; text-align: justify">The press release is furnished herewith as Exhibit 99.1.</P>
<P style="margin:0"><BR></P>
<P style="margin:0"><BR></P>
<P style="margin:0" align=center><B>SIGNATURES</B></P>
<P style="margin:0; text-indent:48; text-align: justify">&nbsp;</P>
<P style="margin:0; text-indent:48; text-align: justify">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="margin:0; text-indent:48">&nbsp;</P>
<TABLE style="margin-top:0; font-size:10pt" cellpadding=0 cellspacing=0 width=100%>
<TR><TD style="margin-top:0" valign=top><P style="margin:0">&nbsp;</P>
</TD><TD style="margin-top:0" valign=top width=360 colspan=2><P style="margin:0">REPRO MED SYSTEMS, INC.<BR>
(Registrant)</P>
</TD></TR>
<TR><TD style="margin-top:0" valign=top><P style="margin:0">&nbsp;</P>
</TD><TD style="margin-top:0" valign=top width=24><P style="margin:0">&nbsp;</P>
</TD><TD style="margin-top:0" valign=top width=336><P style="margin:0">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0" valign=top><P style="margin:0">Date: &nbsp;<U>December 27, 2016</U></P>
</TD><TD style="margin-top:0" valign=top width=24><P style="margin:0">By:</P>
</TD><TD style="margin-top:0" valign=top width=336><P style="margin:0"><U>/s/ Andrew I. Sealfon</U></P>
</TD></TR>
<TR><TD style="margin-top:0" valign=top colspan=2><P style="margin:0">&nbsp;</P>
</TD><TD style="margin-top:0" valign=top width=336><P style="margin:0">Andrew I. Sealfon<BR>
President and Chief Executive Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0"><BR></P>
<P style="margin:0" align=center>- 2 -</P>
<HR noshade align="center" width="100%" size="2">
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex_99-1.htm
<DESCRIPTION>PRESS RELEASE DATED 12-27-2016
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<DIV style="width:720px">
<BR>
<P style="margin:0px" align=center><B>Exhibit 99.1</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:12pt" align=center><B>RMS Medical Products Posts Third Quarter 2017 Results</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=48 ></TD><TD width=672 ></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; font-size:12pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=top width=672><P style="margin:0px; font-size:12pt">Ongoing growth in revenue both domestically and internationally</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; font-size:12pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=top width=672><P style="margin:0px; font-size:12pt">Successful European sales meetings highlight strong demand abroad</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; font-size:12pt" align=center>-</P>
</TD><TD style="margin-top:0px" valign=top width=672><P style="margin:0px; font-size:12pt">Continued progress with FDA</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">CHESTER, NY / December 27, 2016 / Repro Med Systems, Inc. dba RMS Medical Products (OTCQX: REPR) today announced its financial results for the third quarter of the fiscal year ending February 28, 2017.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">For the quarter ended November 30, 2016, net revenues were $3,193,113, an increase of 1.5% compared with $3,144,954 in the same quarter last year. &nbsp;This also represents an increase of 1.4% versus the last quarter.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">For the nine months ended November 30, 2016, net revenues were $9,331,208, an increase of 4.4% compared with $8,941,676 for the same period last year, driven by increased sales of our infusion products to existing customers as well as the addition of new customers. &nbsp;Excluding non-recurring clinical trial work in 2015, core revenue is up 6.5% for the most recent nine months.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">For the three months ended November 30, 2016, gross profit was $2,063,943 compared with $2,109,279 for the same period last year. &nbsp;This decrease in the quarter was mostly driven by the increases in sales rebates related to a specific customer contract renewal compared to the same period last year, as well as an increase in salary and related costs associated with increased staffing in our quality department to facilitate compliance with our quality management system. &nbsp;RMS continues benefiting from lean manufacturing initiatives, which have increased capacity and decreased direct assembly labor costs, as well as the effects of a moratorium on the medical device tax. &nbsp;For the nine months ended November 30, 2016, our gross profit margin increased to 63.8%, up from 63.0% for the same period last year. &nbsp;Gross profit for the nine months ended November 30, 2016 was $5,955,346 compared with $5,633,868 for the comparable period last year.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">RMS continues to incur professional fees related to regulatory and litigation and has made significant investment over the last nine months in its sales, regulatory, quality and operations management, including hiring a Chief Medical Officer, to help launch RMS to the next level of growth. As a result, the Company reported for this quarter ended November 30, a net loss of $104,275, compared to net income of $167,552 in the same period last year. &nbsp;For the nine months ended November 30, 2016, net loss was $420,204 compared with net income of $438,126 for the same period last year.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">Excluding consulting and professional fees related to regulatory and litigation (summarized in the attached tables), net income for the quarter ended November 30, 2016 would have been $281,197 compared with $352,694 for the same period last year. &nbsp;For the nine months ended November 30, 2016, net income would have been $573,245 compared with $780,926 last year. Non-GAAP EBITDA for the quarter would have been $509,310 compared to $603,658 for last year and for the nine months would have been $1,095,662 compared with $1,387,308 for the same period last year.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">Andy Sealfon, RMS CEO and President commented, &ldquo;We are pleased to see some of our efforts internationally starting to come through with orders.&rdquo; &nbsp;Addressing the FDA Warning Letter, Mr. Sealfon noted: &ldquo;We continue to work closely with the FDA in order to resolve the FDA Warning Letter. We have been and will continue to be proactive in working with the agency in order to resolve all issues that have been or may be raised by the agency as soon as possible.&rdquo;</P>
<P style="margin:0px"><BR></P>

<HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><BR>

<P style="margin:0px; font-size:12pt">In the upcoming months, RMS plans to be participating in a number of distributor sales meetings, giving the Company the opportunity to speak with its customers and align corporate goals for 2017. &nbsp;In addition, RMS launched its redesigned website enhanced with search engine optimization and other analytics. &nbsp;As patients, providers, and distributors look to the web for better resources regarding product information, best practices and continuous improvement, we plan to make developments continuously to the site to further enhance the visitor experience and interaction with the RMS brand. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">The Company manufactures medical products used for infusions and suctioning. The Infusion product portfolio currently includes the FREEDOM60<SUP>&reg;</SUP> and our latest FreedomEdge<SUP>&reg; </SUP>Syringe Infusion Pumps, RMS Precision Flow Rate Tubing<SUP><font style='font-family:Arial Unicode MS,Times New Roman'>&trade;</font> </SUP>and RMS HIgH-Flo<SUP><font style='font-family:Arial Unicode MS,Times New Roman'>&trade;</font> </SUP>Subcutaneous Safety Needle Sets. These devices are used for infusions administered in professional healthcare settings as well as at home. The Company&rsquo;s RES-Q-VAC<SUP>&reg;</SUP> line of medical suctioning products is used by emergency medical service providers in addition to a variety of other healthcare providers. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">The Company&rsquo;s website may be visited at www.rmsmedicalproducts.com. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">This press release includes &ldquo;forward-looking statements&rdquo; within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms &ldquo;believes&rdquo;, &ldquo;belief&rdquo;, &ldquo;expects&rdquo;, &ldquo;intends&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;will&rdquo;, or &ldquo;plans&rdquo; to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company&rsquo;s reports and registration statements filed with the Securities and Exchange Commission.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">This press release includes non-GAAP financial measures that are not in accordance with, nor an alternate to, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. &nbsp;In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. &nbsp;Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. &nbsp;They are limited in value because they exclude charges that have a material effect on our reported results and, therefore, should not be relied upon as the sole financial measures to evaluate our financial results. &nbsp;The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial results. &nbsp;A reconciliation of our non-GAAP measures is included in an attachment to this press release.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt">For more information please call:</P>
<P style="margin:0px; font-size:12pt">Mike King</P>
<P style="margin:0px; font-size:12pt">702 650 3000</P>
<P style="margin:0px; font-size:12pt">Princeton Research</P>
<P style="margin:0px; font-size:12pt">SOURCE: RMS Medical Products </P>
<P style="margin:0px"><BR></P>

<HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><BR>

<P style="margin:0px; font-size:12pt" align=center><B>SELECTED FINANCIAL RESULTS</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=275.8 ></TD><TD width=11.067 ></TD><TD width=11.067 ></TD><TD width=77.2 ></TD><TD width=22.667 ></TD><TD width=11.4 ></TD><TD width=76.8 ></TD><TD width=23.067 ></TD><TD width=11.133 ></TD><TD width=77.2 ></TD><TD width=23 ></TD><TD width=11.733 ></TD><TD width=76.467 ></TD><TD width=11.867 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=199.133 colspan=5><P style="margin:0px" align=center><B>For the Three Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=199.533 colspan=5><P style="margin:0px" align=center><B>For the Nine Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=199.133 colspan=5><P style="margin:0px" align=center><B>November 30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=199.533 colspan=5><P style="margin:0px" align=center><B>November 30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=88.267 colspan=2><P style="margin:0px" align=center><B>2016</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=88.2 colspan=2><P style="margin:0px" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=88.333 colspan=2><P style="margin:0px" align=center><B>2016</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=88.2 colspan=2><P style="margin:0px" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px">NET SALES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>3,193,113</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.8><P style="margin:0px" align=right>3,144,954</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.133><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>9,331,208</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.467><P style="margin:0px" align=right>8,941,676</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=275.8><P style="margin:0px; margin-left:17.4px">Cost of goods sold</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=77.2><P style="margin:0px" align=right>1,129,170</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1px solid #000000" valign=bottom width=76.8><P style="margin:0px" align=right>1,035,675</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=77.2><P style="margin:0px" align=right>3,375,862</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=76.467><P style="margin:0px" align=right>3,307,808</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px">Gross Profit</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>2,063,943</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=76.8><P style="margin:0px" align=right>2,109,279</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>5,955,346</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.467><P style="margin:0px" align=right>5,633,868</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px">OPERATING EXPENSES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px; margin-left:17.4px">Selling, general and administrative</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px" align=right>2,034,016</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px" align=right>1,698,226</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px" align=right>6,145,769</P>
</TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px" align=right>4,567,709</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px; margin-left:17.4px">Research and development</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>59,142</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.8><P style="margin:0px" align=right>51,564</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>183,497</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.467><P style="margin:0px" align=right>143,940</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px; margin-left:17.4px">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=77.2><P style="margin:0px" align=right>83,254</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.8><P style="margin:0px" align=right>69,274</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px" align=right>227,109</P>
</TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px" align=right>204,087</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px">Total Operating Expenses</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=77.2><P style="margin:0px" align=right>2,176,412</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=76.8><P style="margin:0px" align=right>1,819,064</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.2><P style="margin:0px" align=right>6,556,375</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=76.467><P style="margin:0px" align=right>4,915,736</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px">Net Operating (Loss)/Profit</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>(112,469</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.8><P style="margin:0px" align=right>290,215</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>(601,029</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.467><P style="margin:0px" align=right>718,132</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px">Non-Operating (Expense)/Income</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px; margin-left:17.4px">Loss on currency exchange</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>(43,546</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.8><P style="margin:0px" align=right>(36,663</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>(33,802</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.467><P style="margin:0px" align=right>(42,420</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px; margin-left:17.4px">Loss on disposal of fixed assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px" align=right>(253</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px" align=right>(1</P>
</TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px" align=right>(13,577</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px; margin-left:17.4px">Interest expense</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>(1,930</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.8><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>(1,886</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.467><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px; margin-left:17.4px">Interest and other income</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=77.2><P style="margin:0px" align=right>454</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.8><P style="margin:0px" align=right>929</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=77.2><P style="margin:0px" align=right>1,549</P>
</TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=76.467><P style="margin:0px" align=right>3,058</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px">TOTAL OTHER (EXPENSES) INCOME </P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=77.2><P style="margin:0px" align=right>(45,022</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=76.8><P style="margin:0px" align=right>(35,987</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=77.2><P style="margin:0px" align=right>(34,140</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=76.467><P style="margin:0px" align=right>(52,939</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px">(LOSS) INCOME BEFORE TAXES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>(157,491</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.8><P style="margin:0px" align=right>254,228</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px" align=right>(635,169</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.467><P style="margin:0px" align=right>665,193</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px; margin-left:17.4px">Income Tax Benefit (Expense)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=77.2><P style="margin:0px" align=right>53,216</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=76.8><P style="margin:0px" align=right>(86,676</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=77.2><P style="margin:0px" align=right>214,965</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=76.467><P style="margin:0px" align=right>(227,067</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px">NET (LOSS) INCOME</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=77.2><P style="margin:0px" align=right>(104,275</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=22.667><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=76.8><P style="margin:0px" align=right>167,552</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.133><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=77.2><P style="margin:0px" align=right>(420,204</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=23><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=76.467><P style="margin:0px" align=right>438,126</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px">NET (LOSS)/INCOME PER SHARE</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px; margin-left:17.4px">Basic</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=77.2><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=76.8><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.133><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=77.2><P style="margin:0px" align=right>(0.01</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=23><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=76.467><P style="margin:0px" align=right>0.01</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px; margin-left:17.4px">Diluted</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=77.2><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=76.8><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.133><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=77.2><P style="margin:0px" align=right>(0.01</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=23><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=76.467><P style="margin:0px" align=right>0.01</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px; margin-left:8.6px; text-indent:-8.6px">WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=77.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=76.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=275.8><P style="margin:0px; margin-left:17.4px">Basic</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=77.2><P style="margin:0px" align=right>37,746,731</P>
</TD><TD style="margin-top:0px" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=76.8><P style="margin:0px" align=right>38,006,667</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=77.2><P style="margin:0px" align=right>37,857,074</P>
</TD><TD style="margin-top:0px" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=76.467><P style="margin:0px" align=right>38,006,667</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=275.8><P style="margin:0px; margin-left:17.4px">Diluted</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=77.2><P style="margin:0px" align=right>37,794,350</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=22.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=76.8><P style="margin:0px" align=right>38,006,667</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=77.2><P style="margin:0px" align=right>37,904,693</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=23><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=76.467><P style="margin:0px" align=right>38,006,667</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

<HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><BR>

<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=261.6 ></TD><TD width=15 ></TD><TD width=15 ></TD><TD width=80.4 ></TD><TD width=15.8 ></TD><TD width=15 ></TD><TD width=80.2 ></TD><TD width=15 ></TD><TD width=15 ></TD><TD width=80.4 ></TD><TD width=15 ></TD><TD width=15 ></TD><TD width=81 ></TD><TD width=15.6 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=261.6><P style="margin:0px"><B>Reconciliation of GAAP Net (Loss)/Income</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=206.4 colspan=5><P style="margin:0px" align=center><B>Three Months Ended November 30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=206.4 colspan=5><P style="margin:0px" align=center><B>Nine Months Ended November 30</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.6><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=261.6><P style="margin:0px"><B>to Non-GAAP Normalized EBITDA:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.4><P style="margin:0px" align=center><B>2016</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.2><P style="margin:0px" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.4><P style="margin:0px" align=center><B>2016</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81><P style="margin:0px" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=261.6><P style="margin:0px">GAAP Net (Loss)/Income</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=80.4><P style="margin:0px" align=right>(104,275</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15.8><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=80.2><P style="margin:0px" align=right>167,552</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=80.4><P style="margin:0px" align=right>(420,204</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=81><P style="margin:0px" align=right>438,126</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=261.6><P style="margin:0px">&nbsp;&nbsp;&nbsp;Tax (Benefit)/Expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=80.4><P style="margin:0px" align=right>(53,216</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=80.2><P style="margin:0px" align=right>86,676</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=80.4><P style="margin:0px" align=right>(214,965</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81><P style="margin:0px" align=right>227,067</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=261.6><P style="margin:0px">&nbsp;&nbsp;&nbsp;Depreciation</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=80.4><P style="margin:0px" align=right>83,254</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=80.2><P style="margin:0px" align=right>69,274</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=80.4><P style="margin:0px" align=right>227,109</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=81><P style="margin:0px" align=right>204,087</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=261.6><P style="margin:0px">&nbsp;&nbsp;&nbsp;Professional Fees (1)</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.4><P style="margin:0px" align=right>583,547</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.2><P style="margin:0px" align=right>280,156</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.4><P style="margin:0px" align=right>1,503,722</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81><P style="margin:0px" align=right>518,028</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=261.6><P style="margin:0px">Non-GAAP Normalized EBITDA</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=80.4><P style="margin:0px" align=right>509,310</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=80.2><P style="margin:0px" align=right>603,658</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=80.4><P style="margin:0px" align=right>1,095,662</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=81><P style="margin:0px" align=right>1,387,308</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=261.6><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=80.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=80.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=80.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=261.6><P style="margin:0px"><B>Reconciliation of GAAP Net (Loss)/Income<BR>
to Non-GAAP Normalized Net Income:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.4><P style="margin:0px" align=center><B>2016</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.2><P style="margin:0px" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.4><P style="margin:0px" align=center><B>2016</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81><P style="margin:0px" align=center><B>2015</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=261.6><P style="margin:0px">GAAP Net (Loss)/Income</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=80.4><P style="margin:0px" align=right>(104,275</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15.8><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=80.2><P style="margin:0px" align=right>167,552</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=80.4><P style="margin:0px" align=right>(420,204</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=81><P style="margin:0px" align=right>438,126</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=261.6><P style="margin:0px">&nbsp;&nbsp;&nbsp;Professional Fees (1)</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=80.4><P style="margin:0px" align=right>583,547</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=80.2><P style="margin:0px" align=right>280,156</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=80.4><P style="margin:0px" align=right>1,503,722</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81><P style="margin:0px" align=right>518,028</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=261.6><P style="margin:0px">&nbsp;&nbsp;&nbsp;Tax Expense on Professional Fees</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=80.4><P style="margin:0px" align=right>(198,075</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15.8><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=80.2><P style="margin:0px" align=right>(95,014</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=80.4><P style="margin:0px" align=right>(510,273</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=81><P style="margin:0px" align=right>(175,228</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15.6><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=261.6><P style="margin:0px">Non-GAAP Normalized Net Income</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.4><P style="margin:0px" align=right>281,197</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.2><P style="margin:0px" align=right>352,694</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.4><P style="margin:0px" align=right>573,245</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81><P style="margin:0px" align=right>780,926</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(1) Includes consulting and professional fees related to regulatory and litigation.</P>
<P style="margin:0px"><BR></P>

<HR noshade align="center" width="100%" size="2">
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
