<SEC-DOCUMENT>0001161697-18-000507.txt : 20181024
<SEC-HEADER>0001161697-18-000507.hdr.sgml : 20181024
<ACCEPTANCE-DATETIME>20181023212246
ACCESSION NUMBER:		0001161697-18-000507
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20181023
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181024
DATE AS OF CHANGE:		20181023

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:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12305
		FILM NUMBER:		181135157

	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 CURRENT REPORT FOR 10-23-2018
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<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>October 23, 2018</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; text-align: justify">&nbsp;</P>
<P style="margin:0; text-align: justify">Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>
<P style="margin:0; text-align: justify">&nbsp;</P>
<P style="margin:0; text-align: justify">Emerging growth company &nbsp;[_]</P>
<P style="margin:0; text-align: justify">&nbsp;</P>
<P style="margin:0; text-align: justify">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;[_]</P>
<P style="margin:0; text-align: justify">&nbsp;</P>


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<P style="margin:0px; text-align: justify"><B>ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.</B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">On October 23, 2018, Repro Med Systems, Inc. dba RMS Medical Products (&ldquo;RMS&rdquo;) issued a press release announcing its operating and financial results for the quarter ended September 30, 2018 and a related conference call to be held on October 24, 2018 at 9:00 AM ET.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is furnished and shall not be deemed &ldquo;filed&rdquo; for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0"><B>ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.</B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0; text-align: justify">(d) Exhibits.</P>
<P style="margin:0px; text-align: justify"><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 October 23, 2018</A></TD></TR>
</TABLE>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0" align=center><B>SIGNATURES</B></P>
<P style="margin:0px; text-align: justify"><BR></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:0px; text-align: justify"><BR></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>October 23, 2018</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/ Daniel S. Goldberger</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">Daniel S. Goldberger<BR>
Interim President and Chief Executive Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0"><BR></P>
<P style="margin:0" align=center>- 2 -</P>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex_99-1.htm
<DESCRIPTION>PRESS RELEASE DATED 10-23-2018
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<P style="margin:0px" align=center><B>Exhibit 99.1</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><img src="rms_logo.jpg"></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt"><B>RMS Medical Products Announces Second Straight Record Quarterly Net Sales and Net Income</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 style='font-family:Arial Unicode MS,Times New Roman'>&bull;</font></P>
</TD><TD style="margin-top:0px" valign=top width=672><P style="margin:0px">Net Sales for the quarter ended September 30, 2018 increased 18.1% over the same period last year</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=672><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px"><font style='font-family:Arial Unicode MS,Times New Roman'>&bull;</font></P>
</TD><TD style="margin-top:0px" valign=top width=672><P style="margin:0px">Gross Profit increased 21.6% over third quarter 2017 to $2.9 million, or 63.6% of Net Sales</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=672><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px"><font style='font-family:Arial Unicode MS,Times New Roman'>&bull;</font></P>
</TD><TD style="margin-top:0px" valign=top width=672><P style="margin:0px">Net Income increased 45% over third quarter 2017 to $386,553, or 8.5% of Net Sales </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=672><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px"><font style='font-family:Arial Unicode MS,Times New Roman'>&bull;</font></P>
</TD><TD style="margin-top:0px" valign=top width=672><P style="margin:0px">Conference call to discuss results October 24, 2018 at 9:00am EST</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">CHESTER, NY / October 23, 2018, Repro Med Systems, Inc. dba RMS Medical Products (OTCQX: REPR) today announced financial results for the third quarter ended September 30, 2018.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Net sales grew to $4.5 million, an 18.1% increase over the third quarter of 2017. The increase in net sales was driven by market expansion and gains in needle sets, tubing and pump sales.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Gross Profit grew to $2.9 million, or 63.6% of net sales, a 21.6% increase over third quarter 2017 Gross Profit of $2.4 million, or 61.8% of net sales. The increase in Gross Profit was mostly driven by the increase in net sales and operating efficiencies. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Selling, General and Administrative expenses and Research and Development costs for the third quarter of 2018 totaled $2.3 million, or 51.3% of net sales, compared to $1.9 million, or 49.6% of net sales during the third quarter of 2017. The increase was driven by higher legal fees related to the previously disclosed litigation with EMED and matters now under the purview of the Special Committee of the Board, and higher Research and Development and Regulatory expenditures as we invest in product development efforts. These increases were partially offset by lower salary and related benefit expenses, however, we are actively seeking to add talent to our Product Development and Commercial teams and these expenses may increase in the future.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Net income for the period increased to $386,553, or 8.5% of net sales, an increase of 45% compared with $265,754, or 6.9% of net sales, reported during the third quarter of 2017. Higher net sales, improved gross margin and the impact of the new lower income tax rate were contributors to the increase in net income.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">&ldquo;The third quarter saw continued momentum from the positive trends in home use of Subcutaneous Immunoglobulin Therapy driving the growth of RMS Medical Products,&rdquo; stated Dan Goldberger, Chairman and interim CEO. &ldquo;We are thrilled to have Don Pettigrew, an experienced infusion industry executive, as our new President and Chief Commercial Officer. Don is leading our strategic planning efforts as well as overseeing all sales and marketing activities at the company, and has hit the ground running. Our focus remains on our mission to improve the quality of life of patients around the world through the design, development and delivery of the highest quality innovative therapeutic solutions. Patient safety, product efficacy, customer service, and shareholder value continue to be our highest priorities.&rdquo;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Mr. Goldberger continued, &ldquo;The addition of Don Pettigrew and our increased investments to support R&amp;D and clinical trial activity should lay the foundation for long term success. We are starting to see leverage in our income statement from expanding gross margins and control of operating expenses. Our balance sheet shows substantial cash resources and zero debt. All of this bodes well for future, profitable growth.&rdquo;</P>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 1 -</P>

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

<P style="margin:0px"><B>Conference Call</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">An accompanying conference call will be led by Dan Goldberger, Chairman and interim Chief Executive Officer, Karen Fisher, Chief Financial Officer and Don Pettigrew, President and Chief Commercial Officer. The call will be held at 9:00AM ET, on Wednesday, October 24, 2018. Please refer to the information below for conference call dial-in information and webcast registration.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Conference date: October 24, 2018, 9:00 AM ET</P>
<P style="margin:0px">Conference dial-in: 877-269-7756</P>
<P style="margin:0px">International dial-in: 201-689-7817</P>
<P style="margin:0px">Conference Call Name: RMS Medical Products (OTCQX: REPR) Third Quarter 2018 Results Call</P>
<P style="margin:0px">Webcast Registration: Click Here</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Following the live call, a replay will be available on the Company&rsquo;s website, www.rmsmedicalproducts.com, under &ldquo;Investor Relations&rdquo; for six months.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Times,Times New Roman"><B>About RMS Medical Products</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Times,Times New Roman">The Company develops, manufactures and commercializes medical products used for home infusions and suctioning. The FREEDOM Syringe Infusion System currently includes the FREEDOM60<SUP>&reg;</SUP>&nbsp;and FreedomEdge<SUP>&reg;</SUP>&nbsp;Syringe Infusion Drivers, RMS Precision Flow Rate Tubing<font style='font-family:Arial Unicode MS,Times New Roman'>&trade;</font> and RMS HIgH&shy;Flo Subcutaneous Safety Needle Sets<font style='font-family:Arial Unicode MS,Times New Roman'>&trade;</font>. These devices are used for infusions administered in professional healthcare settings as well as at home. The Company<font style='font-family:Arial Unicode MS,Times New Roman'>&rsquo;</font>s RES&shy;Q&shy;VAC<SUP>&reg;</SUP>&nbsp;line of medical suctioning products is used by emergency medical service providers in addition to a variety of other healthcare providers. For more information about RMS Medical Products, please visit<FONT style="color:#3F3F3F">&nbsp;</FONT>www.rmsmedicalproducts.com<FONT style="color:#3F3F3F">.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Forward-Looking Statements</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">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;believe&rdquo;, &ldquo;should,&rdquo; &ldquo;may&rdquo; and &ldquo;bodes well&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.&nbsp; The results of operations for the periods presented herein are not necessarily indicative of the results to be expected in the future.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Contact</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Rich Cockrell</P>
<P style="margin:0px">CG Capital</P>
<P style="margin:0px">877.889.1972</P>
<P style="margin:0px">investorrelations@cg.capital</P>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 2 -</P>

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<P style="margin:0px" align=center><B>REPRO MED SYSTEMS, INC.</B></P>
<P style="margin:0px" align=center><B>BALANCE SHEETS</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=464.933 ></TD><TD width=10 ></TD><TD width=10 ></TD><TD width=96.2 ></TD><TD width=23.067 ></TD><TD width=9.6 ></TD><TD width=96.2 ></TD><TD width=10 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=106.2 colspan=2><P style="margin:0px" align=center><B>September 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" valign=top width=105.8 colspan=2><P style="margin:0px" align=center><B>December 31,</B></P>
</TD><TD style="margin-top:0px" valign=top width=10><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=106.2 colspan=2><P style="margin:0px" align=center><B>2018</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=top width=105.8 colspan=2><P style="margin:0px" align=center><B>2017</B></P>
</TD><TD style="margin-top:0px" valign=top width=10><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=106.2 colspan=2><P style="margin:0px" align=center><B>(Unaudited)</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=top width=105.8 colspan=2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=10><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px" align=center><B>ASSETS</B></P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><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=top width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px">CURRENT ASSETS</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px; margin-left:28.667px">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>3,649,332</P>
</TD><TD style="margin-top:0px" valign=bottom width=23.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>3,974,536</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px; margin-left:28.667px">Certificates of deposit</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>1,671,004</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>263,269</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px; margin-left:43.067px; text-indent:-14.4px">Accounts receivable less allowance for doubtful accounts of $77,067 at September 30, 2018 and $77,067 at December 31, 2017</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>1,510,630</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>1,861,949</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px; margin-left:28.667px">Inventory &nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>1,949,403</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>1,658,681</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px; margin-left:28.667px">Prepaid expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96.2><P style="margin:0px" align=right>348,085</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:1.333px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96.2><P style="margin:0px" align=right>170,739</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px">TOTAL CURRENT ASSETS </P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>9,128,454</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>7,929,174</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px">Property and equipment, net</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>821,313</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>836,283</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px; margin-left:14.4px; text-indent:-14.4px">Patents, net of accumulated amortization of $229,693<FONT style="color:#FF0000"> </FONT>and $203,768 at September 30, 2018 and December 31, 2017, respectively</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>595,754</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>483,821</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px">Other assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96.2><P style="margin:0px" align=right>31,582</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:1.333px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96.2><P style="margin:0px" align=right>31,582</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px">TOTAL ASSETS</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><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=10><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=96.2><P style="margin:0px" align=right>10,577,103</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=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=96.2><P style="margin:0px" align=right>9,280,860</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px" align=center><B>LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</B></P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><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=top width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px">CURRENT LIABILITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px; margin-left:28.667px">Deferred capital gain - current </P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>9,383</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=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>22,481</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px; margin-left:28.667px">Accounts payable</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>591,919</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>454,398</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px; margin-left:28.667px">Accrued expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>627,237</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>658,060</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px; margin-left:28.667px">Accrued payroll and related taxes</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>121,203</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>334,903</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px; margin-left:28.667px">Accrued tax liability</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>55,002</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>115,854</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px">TOTAL CURRENT LIABILITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000" valign=bottom width=96.2><P style="margin:0px" align=right>1,404,744</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" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000" valign=bottom width=96.2><P style="margin:0px" align=right>1,585,696</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px">Deferred capital gain &ndash; long term</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>&mdash;</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>3,762</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px">Deferred tax liability</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=96.2><P style="margin:0px" align=right>32,509</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:1.333px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=96.2><P style="margin:0px" align=right>21,675</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px">TOTAL LIABILITIES</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96.2><P style="margin:0px" align=right>1,437,253</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:1.333px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96.2><P style="margin:0px" align=right>1,611,133</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px">STOCKHOLDERS&rsquo; EQUITY</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px; margin-left:43.067px; text-indent:-14.4px">Common stock, $0.01 par value; 75,000,000 shares authorized, 40,932,445 and<FONT style="color:#FF0000"> </FONT>40,731,529 shares issued, 38,195,214<FONT style="color:#FF0000"> </FONT>and 37,994,298 shares outstanding at September 30, 2018 and December 31, 2017, respectively</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>409,324</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.2><P style="margin:0px" align=right>407,315</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px; margin-left:28.667px">Additional paid-in capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>4,419,129</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>4,216,718</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px; margin-left:28.667px">Retained earnings</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><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=10><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=96.2><P style="margin:0px" align=right>4,655,601</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:1px solid #000000" valign=bottom width=9.6><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=96.2><P style="margin:0px" align=right>3,389,898</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px; margin-left:32.733px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>9,484,054</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.2><P style="margin:0px" align=right>8,013,931</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px; margin-left:14.4px; text-indent:-14.4px">Less: Treasury stock, 2,737,231 shares at September 30, 2018 and December 31, 2017</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><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=10><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=96.2><P style="margin:0px" align=right>(344,204</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=9.6><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=96.2><P style="margin:0px" align=right>(344,204</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=464.933><P style="margin:0px">TOTAL STOCKHOLDERS&rsquo; EQUITY</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96.2><P style="margin:0px" align=right>9,139,850</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:1.333px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=96.2><P style="margin:0px" align=right>7,669,727</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=464.933><P style="margin:0px">TOTAL LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><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=10><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=96.2><P style="margin:0px" align=right>10,577,103</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=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=96.2><P style="margin:0px" align=right>9,280,860</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 3 -</P>

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

<P style="margin:0px" align=center><B>REPRO MED SYSTEMS, INC.</B></P>
<P style="margin:0px" align=center><B>STATEMENTS OF OPERATIONS (UNAUDITED)</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=259.867 ></TD><TD width=10.067 ></TD><TD width=9.6 ></TD><TD width=86.667 ></TD><TD width=18.067 ></TD><TD width=9.6 ></TD><TD width=86.667 ></TD><TD width=18.067 ></TD><TD width=9.6 ></TD><TD width=86.267 ></TD><TD width=19.067 ></TD><TD width=9.6 ></TD><TD width=87.267 ></TD><TD width=9.6 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=210.6 colspan=5><P style="margin:0px" align=center><B>For the</B></P>
<P style="margin:0px" align=center><B>Three Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=211.8 colspan=5><P style="margin:0px" align=center><B>For the</B></P>
<P style="margin:0px" align=center><B>Nine Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=210.6 colspan=5><P style="margin:0px" align=center><B>September 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=211.8 colspan=5><P style="margin:0px" align=center><B>September 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.267 colspan=2><P style="margin:0px" align=center><B>2018</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.267 colspan=2><P style="margin:0px" align=center><B>2017</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=95.867 colspan=2><P style="margin:0px" align=center><B>2018</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.867 colspan=2><P style="margin:0px" align=center><B>2017</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">NET SALES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>4,547,187</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>3,849,338</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px" align=right>13,082,737</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px" align=right>11,317,231</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:21.467px; text-indent:-7.133px">Cost of goods sold</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>1,655,619</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>1,470,680</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.267><P style="margin:0px" align=right>4,985,761</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=87.267><P style="margin:0px" align=right>4,539,320</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">Gross Profit</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><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=9.6><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=86.667><P style="margin:0px" align=right>2,891,568</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><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=9.6><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=86.667><P style="margin:0px" align=right>2,378,658</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><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=9.6><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=86.267><P style="margin:0px" align=right>8,096,976</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><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=9.6><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=87.267><P style="margin:0px" align=right>6,777,911</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">OPERATING EXPENSES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:21.467px; text-indent:-7.133px">Selling, general and administrative</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px" align=right>2,203,614</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px" align=right>1,893,911</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px" align=right>6,106,514</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px" align=right>5,674,357</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:21.467px; text-indent:-7.133px">Research and development</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>126,923</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>14,852</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px" align=right>160,735</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px" align=right>85,598</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:21.467px; text-indent:-7.133px">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>78,345</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>77,517</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.267><P style="margin:0px" align=right>228,900</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=87.267><P style="margin:0px" align=right>229,178</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">Total Operating Expenses</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><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=9.6><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=86.667><P style="margin:0px" align=right>2,408,882</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><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=9.6><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=86.667><P style="margin:0px" align=right>1,986,280</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><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=9.6><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=86.267><P style="margin:0px" align=right>6,496,149</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><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=9.6><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=87.267><P style="margin:0px" align=right>5,989,133</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">Net Operating Profit</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><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=9.6><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=86.667><P style="margin:0px" align=right>482,686</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><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=9.6><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=86.667><P style="margin:0px" align=right>392,378</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><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=9.6><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=86.267><P style="margin:0px" align=right>1,600,827</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><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=9.6><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=87.267><P style="margin:0px" align=right>788,778</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">Non-Operating (Expense)/Income</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:21.467px; text-indent:-7.133px">(Loss)/Gain on currency exchange </P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px" align=right>(5,842</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px" align=right>10,419</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px" align=right>(16,256</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px" align=right>62,164</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:21.467px; text-indent:-7.133px">Gain on sale of fixed asset</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>6,000</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px" align=right>6,000</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:21.467px; text-indent:-7.133px">Interest and other income</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>6,972</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>361</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.267><P style="margin:0px" align=right>13,088</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=87.267><P style="margin:0px" align=right>2,427</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">TOTAL OTHER (EXPENSE)/INCOME</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><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=9.6><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=86.667><P style="margin:0px" align=right>7,130</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><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=9.6><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=86.667><P style="margin:0px" align=right>10,780</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><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=9.6><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=86.267><P style="margin:0px" align=right>2,832</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><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=9.6><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=87.267><P style="margin:0px" align=right>64,591</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">PROFIT BEFORE TAXES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>489,816</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>403,158</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px" align=right>1,603,659</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px" align=right>853,369</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:21.467px; text-indent:-7.133px">Income Tax Expense</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><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=9.6><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=86.667><P style="margin:0px" align=right>(103,263</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><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=86.667><P style="margin:0px" align=right>(137,404</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><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=86.267><P style="margin:0px" align=right>(337,956</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><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=87.267><P style="margin:0px" align=right>(312,192</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">NET INCOME</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><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=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>386,553</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>265,754</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=18.067><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=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.267><P style="margin:0px" align=right>1,265,703</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=87.267><P style="margin:0px" align=right>541,177</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">NET INCOME PER SHARE</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:28.667px">Basic</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><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=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>0.01</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.667><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=18.067><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=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.267><P style="margin:0px" align=right>0.03</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=87.267><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:28.667px">Diluted</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>0.01</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>0.01</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.267><P style="margin:0px" align=right>0.03</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=87.267><P style="margin:0px" align=right>0.01</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:7.133px; text-indent:-7.133px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px; margin-left:28.667px">Basic</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>38,194,682</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>37,898,357</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.267><P style="margin:0px" align=right>38,104,393</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=87.267><P style="margin:0px" align=right>37,833,133</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px; margin-left:28.667px">Diluted</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><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=9.6><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=86.667><P style="margin:0px" align=right>38,985,684</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><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=9.6><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=86.667><P style="margin:0px" align=right>38,072,425</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><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=9.6><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=86.267><P style="margin:0px" align=right>38,875,737</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><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=9.6><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=87.267><P style="margin:0px" align=right>37,934,851</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 4 -</P>

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

<P style="margin:0px" align=center><B>REPRO MED SYSTEMS, INC.</B></P>
<P style="margin:0px" align=center><B>STATEMENTS OF CASH FLOWS</B></P>
<P style="margin:0px" align=center><B>(UNAUDITED)</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=470.4 ></TD><TD width=9.667 ></TD><TD width=10.267 ></TD><TD width=92.4 ></TD><TD width=17.733 ></TD><TD width=10.267 ></TD><TD width=93.2 ></TD><TD width=16.2 ></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=470.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.667><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=223.867 colspan=5><P style="margin:0px" align=center><B>For the Nine Months Ended</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=16.2><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=470.4><P style="margin:0px" align=center><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.667><P style="margin:0px" align=center><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=top width=223.867 colspan=5><P style="margin:0px" align=center><B>September 30,</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=16.2><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=470.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.667><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=top width=102.667 colspan=2><P style="margin:0px" align=center><B>2018</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=17.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=top width=103.467 colspan=2><P style="margin:0px" align=center><B>2017</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=16.2><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px">CASH FLOWS FROM OPERATING ACTIVITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:14.4px">Net Income </P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>1,265,703</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px" align=right>541,177</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px; margin-left:21.267px; text-indent:-7.467px">Adjustments to reconcile net income to net cash provided by operating activities:</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">Amortization of deferred compensation cost</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px" align=right>7,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">Stock based compensation expense </P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px" align=right>154,925</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px" align=right>87,271</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>228,900</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px" align=right>229,178</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">Gain on sale of fixed asset</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px" align=right>(6,000</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">Deferred capital gain - building lease</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>(16,860</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px" align=right>(16,860</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">Deferred taxes</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px" align=right>10,834</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px" align=right>8,843</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">Provision for returns and doubtful accounts</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px" align=right>58,339</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px; margin-left:14.4px">Changes in operating assets and liabilities:</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">Decrease/(Increase) in accounts receivable</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>351,319</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px" align=right>(243,428</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">Increase in inventory</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px" align=right>(290,722</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px" align=right>(225,177</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">(Increase)/Decrease in prepaid expense and other assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>(177,346</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px" align=right>37,753</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">Increase/(Decrease) in accounts payable</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px" align=right>137,521</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px" align=right>(409,171</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">Decrease in accrued payroll and related taxes</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>(213,700</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px" align=right>(17,253</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">(Decrease)/Increase in accrued expense</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px" align=right>(30,823</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px" align=right>136,045</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:28.667px">(Decrease)/Increase in accrued tax liability</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>(60,852</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=93.2><P style="margin:0px" align=right>303,349</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px">NET CASH PROVIDED BY OPERATING ACTIVITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><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=10.267><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=92.4><P style="margin:0px" align=right>1,352,899</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><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=10.267><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=93.2><P style="margin:0px" align=right>497,066</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px">CASH FLOWS FROM INVESTING ACTIVITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:14.4px">Payments for capital expenditures</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>(188,006</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px" align=right>(160,946</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px; margin-left:14.4px">Purchase of certificate of deposit </P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px" align=right>(1,500,000</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:14.4px">Proceeds on sale of fixed assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>6,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px; margin-left:14.4px">Payments for patents</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px" align=right>(137,858</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px" align=right>(70,556</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:14.4px">Proceeds/(reinvested earnings) from certificates of deposit </P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>92,266</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=93.2><P style="margin:0px" align=right>(1,196</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px">NET CASH USED IN INVESTING ACTIVITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><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=10.267><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=92.4><P style="margin:0px" align=right>(1,727,598</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=10.267><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=93.2><P style="margin:0px" align=right>(232,698</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px">CASH FLOWS FROM FINANCING ACTIVITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:14.4px">Stock issuances</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>51,250</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px; margin-left:14.4px">Payment for cancelled shares</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px" align=right>(1,755</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px" align=right>(19,360</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:14.4px">Purchase of treasury stock</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=93.2><P style="margin:0px" align=right>(484</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px">NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1.333px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1.333px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=92.4><P style="margin:0px" align=right>49,495</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><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=10.267><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=93.2><P style="margin:0px" align=right>(19,844</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px">NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px" align=right>(325,204</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px" align=right>244,524</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px">CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=92.4><P style="margin:0px" align=right>3,974,536</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=93.2><P style="margin:0px" align=right>3,417,183</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px">CASH AND CASH EQUIVALENTS, END OF PERIOD</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><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=10.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=92.4><P style="margin:0px" align=right>3,649,332</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=10.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=93.2><P style="margin:0px" align=right>3,661,707</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px">Supplemental Information</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px">Cash paid during the periods for:</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px; margin-left:14.4px">Interest</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><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=10.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=92.4><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=10.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=93.2><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px; margin-left:14.4px">Taxes</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=10.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=92.4><P style="margin:0px" align=right>378,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=10.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=93.2><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=470.4><P style="margin:0px">NON-CASH FINANCING AND INVESTING ACTIVITIES</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=93.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=470.4><P style="margin:0px; margin-left:14.4px">Issuance of common stock as compensation</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.667><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=10.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=92.4><P style="margin:0px" align=right>103,333</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=10.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=93.2><P style="margin:0px" align=right>101,250</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=16.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 5 -</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
