<SEC-DOCUMENT>0001161697-20-000096.txt : 20200225
<SEC-HEADER>0001161697-20-000096.hdr.sgml : 20200225
<ACCEPTANCE-DATETIME>20200225165348
ACCESSION NUMBER:		0001161697-20-000096
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200225
DATE AS OF CHANGE:		20200225

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:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-229498
		FILM NUMBER:		20651622

	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>424B3
<SEQUENCE>1
<FILENAME>prospectus_424b3-sup15.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT NO. 15 TO 424(B)(3)
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<P style="margin:0px; font-size:12pt" align=right>Filed Pursuant to Rule 424(b)(3) </P>

<P style="margin:0px; font-size:12pt" align=right>Registration No. 333-229498</P>

<P style="margin:0px"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P style="margin:0px; font-size:12pt" align=center>PROSPECTUS SUPPLEMENT NO. 15</P>

<P style="margin:0px"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P style="margin:0px; font-size:12pt" align=center>(to Prospectus dated March 8, 2019)</P>

<P style="margin:0px"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P style="margin:0px; font-size:12pt" align=center>REPRO MED SYSTEMS, INC.</P>

<P style="margin:0px"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P style="margin:0px; font-size:12pt" align=center>11,101,697 shares of common stock</P>

<P style="margin:0px"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P style="margin:0px; font-size:12pt; text-align: justify">This prospectus supplement No. 15 supplements and amends the prospectus
dated March 8, 2019, as supplemented by prospectus supplement No. 1, dated April 29, 2019, as further supplemented by prospectus
supplement No. 2, dated May 7, 2019, prospectus supplement No. 3, dated May 8, 2019, prospectus supplement No. 4, dated June 27,
2019, prospectus supplement No. 5, dated July 2, 2019, prospectus supplement No. 6, dated August 7, 2019, prospectus supplement
No. 7, dated September 4, 2019, prospectus supplement No. 8, dated October 1, 2019 and prospectus supplement No. 9, dated October
14, 2019, prospectus supplement No. 10, dated October 23, 2019, prospectus supplement No. 11 dated November 5, 2019, prospectus
supplement No. 12 dated November 6, 2019, prospectus supplement No. 13 dated November 12, 2019 and prospectus Supplement No. 14
dated January 24, 2020 (collectively, the &ldquo;Prospectus&rdquo;), which forms a part of our Registration Statement on Form S-1
(Registration No. 333-229498). This prospectus supplement is being filed to update and supplement the information in the Prospectus
with information contained in our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25,
2020 (the &ldquo;Current Report&rdquo;). Accordingly, we have attached the Current Report to this prospectus supplement.</P>

<P style="margin:0px"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P style="margin:0px; font-size:12pt; text-align: justify">The Prospectus and this prospectus supplement relate solely to
11,101,697 shares of Repro Med Systems, Inc. common stock, par value $0.01 per share, which we refer to as our common stock,
which may be offered for sale from time to time by the stockholders named under the heading &ldquo;Selling
Stockholders&rdquo; in the Prospectus.</P>

<P style="margin:0px"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P style="margin:0px; font-size:12pt; text-align: justify">This prospectus supplement should be read in conjunction with the
Prospectus, including any supplements or amendments thereto. If there is any inconsistency between the information in the
Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement. This prospectus
supplement is not complete without, and may not be delivered or utilized except in connection with, the Prospectus, including
any amendments or supplements to it.</P>

<P style="margin:0px"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P style="margin:0px; font-size:12pt; text-align: justify">Our common stock is currently listed on the NASDAQ Capital Market
under the symbol &ldquo;KRMD.&rdquo; The closing price of our common stock as reported on the NASDAQ Capital Market on February
21, 2020, was $7.23.</P>

<P style="margin:0px"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P style="margin:0px; font-size:12pt; text-align: justify"><B>Investing in our common stock involves risks, and you should
not invest unless you can afford to lose your entire investment. See the section entitled &ldquo;Risk Factors&rdquo;
beginning on page 5 of the Prospectus.</B></P>

<P style="margin:0px"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P style="margin:0px; font-size:12pt; text-align: justify"><B>Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the
Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P style="margin:0px"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P style="margin:0px; font-size:12pt" align=center><B>The date of this prospectus supplement is February 25, 2020.</B></P>

<P style="margin:0px"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

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

<P style="margin:0" align=center><B>UNITED STATES</B></P>
<P style="margin:0" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0" align=center><B>Washington, DC 20549</B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0; font-size:12pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0; font-size:12pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0" align=center>Date of Report (Date of earliest event reported)&nbsp;&nbsp;&nbsp;<B><U>February 25, 2020</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>
<P style="margin:0; text-align: justify">Securities registered pursuant to Section 12(b) of the Act:</P>
<P style="margin:0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0px; font-size: 10pt"><TR height=0 style="font-size:1pt"><TD STYLE="width: 2.5in"></TD><TD STYLE="width: 2.5in"></TD><TD STYLE="width: 2.5in"></TD></TR>
<TR><TD STYLE="margin-top: 0px; vertical-align: top"><P style="margin:0px"><U>Title of each class</U></P>
</TD><TD STYLE="margin-top: 0px; vertical-align: top"><P style="margin:0px"><U>Trading symbol(s)</U></P>
</TD><TD STYLE="margin-top: 0px; vertical-align: top"><P style="margin:0px"><U>Name of each exchange on which registered</U></P>
</TD></TR>
<TR><TD STYLE="margin-top: 0px; vertical-align: top"><P style="margin:0px"><B>common stock, $0.01 par value</B></P>
</TD><TD STYLE="margin-top: 0px; vertical-align: top"><P style="margin:0px"><B>KRMD</B></P>
</TD><TD STYLE="margin-top: 0px; vertical-align: top"><P style="margin:0px"><B>NASDAQ Capital Market</B></P>
</TD></TR>
</TABLE>
<P style="margin:0; text-align: justify">&nbsp;</P>

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

<P style="margin:0"><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 February 25, 2020, Repro Med Systems, Inc. dba KORU Medical Systems
(&ldquo;KORU&rdquo;) issued a press release announcing its operating and financial results for the fourth quarter and year ended
December 31, 2019 and a related conference call to be held on February 26, 2020 at 9:00 am Eastern Time.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">KORU is making reference to non-GAAP financial information in both
the press release and the conference call. A reconciliation of GAAP to non-GAAP results is provided in the attached Exhibit 99.1
press release.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">The information in Item&nbsp;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&nbsp;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>Press release dated February 25, 2020</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:0; 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>February 25, 2020</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/ Karen Fisher</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">Karen Fisher<BR>
Chief Financial Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0"><BR></P>

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

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

<P style="margin:0px; font-size:12pt" align=center><B>Exhibit 99.1</B></P>
<P style="margin:0px; font-size:12pt" align=center>&nbsp;</P>
<P style="margin:0px; font-size:12pt" align=center><B><U>KORU Medical Systems Announces Record 2019 Fourth Quarter and</U></B></P>
<P style="margin:0px; font-size:12pt" align=center><B><U>Full Year Financial Results</U></B></P>
<P style="margin:0px; font-size:12pt" align=center><B>&nbsp;</B></P>
<P style="margin:0px; font-size:12pt" align=center><B><U>Conference Call Scheduled for February 26 at 9:00 am ET</U></B></P>
<P style="margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin:0px; font-size:12pt"><B><U>Q4 2019 Highlights</U></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=24 ></TD><TD width=696 ></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:12pt">&bull;</P>
</TD><TD style="margin-top:0px" valign=top width=696><P style="margin:0px; font-size:12pt">Net sales rose 45.7% to $6.2 million</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:12pt">&bull;</P>
</TD><TD style="margin-top:0px" valign=top width=696><P style="margin:0px; font-size:12pt">Gross margin of 63.4%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:12pt">&bull;</P>
</TD><TD style="margin-top:0px" valign=top width=696><P style="margin:0px; font-size:12pt">Net loss narrowed to $0.1 million</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:12pt">&bull;</P>
</TD><TD style="margin-top:0px" valign=top width=696><P style="margin:0px; font-size:12pt">Adjusted EBITDA increased 47.3% to $1.1 million</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:12pt"><B>&nbsp;</B></P>
<P style="margin:0px; font-size:12pt"><B><U>Full Year 2019 Highlights</U></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=24 ></TD><TD width=696 ></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:12pt">&bull;</P>
</TD><TD style="margin-top:0px" valign=top width=696><P style="margin:0px; font-size:12pt">Net sales rose 33.5% to a record $23.2 million</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:12pt">&bull;</P>
</TD><TD style="margin-top:0px" valign=top width=696><P style="margin:0px; font-size:12pt">Gross margin increased to 64.1%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:12pt">&bull;</P>
</TD><TD style="margin-top:0px" valign=top width=696><P style="margin:0px; font-size:12pt">Net income of $0.6 million</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:12pt">&bull;</P>
</TD><TD style="margin-top:0px" valign=top width=696><P style="margin:0px; font-size:12pt">Adjusted EBITDA increased 55.9% to $5.6 million</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=24><P style="margin:0px; font-size:12pt">&bull;</P>
</TD><TD style="margin-top:0px" valign=top width=696><P style="margin:0px; font-size:12pt">Cash &amp; cash equivalents increased to $5.9 million</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify"><B>CHESTER, NY &ndash; February 25, 2020 &ndash; Repro Med Systems, Inc. dba KORU Medical Systems (NASDAQ: KRMD) (&ldquo;KORU Medical&rdquo; or the &ldquo;Company&rdquo;)</B> today announced financial results for the fourth quarter (&ldquo;Q4 2019&rdquo;) and full year ended December 31, 2019.</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&ldquo;2019 was a milestone year for KORU Medical,&rdquo; said Don Pettigrew, President and CEO. &nbsp;&ldquo;Four consecutive quarters of comparative net sales growth produced record annual net sales, expanded gross margins, net income of $0.6 million, and record Adjusted EBITDA of $5.6 million. &nbsp;We continued our participation in multiple clinical trials, accelerated our international expansion plans, strengthened our leadership team, and capped off our Nasdaq up-listing by ringing the closing bell.&rdquo;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">He added, &ldquo;As we look ahead to 2020, our focus is on capitalizing on multiple industry tailwinds in PIDD and CIDP, which combine to represent an estimated total addressable U.S. market of $300 million. &nbsp;We are also growing our pharmaceutical relationships with an emphasis on new subcutaneous drugs coming to market, expanded indications beyond our primary disease states, and new geographic regions. &nbsp;We look forward to the U.S. launch of the <FONT style="background-color:#FFFFFF">HIgH-Flo Super26<font style='font-family:Arial Unicode MS,Times New Roman'>&trade;</font> Subcutaneous Safety Needle Set in Q1 2020, with anticipated full commercialization to follow shortly after.&rdquo;</FONT></P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>

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

<P style="margin:0px; font-size:12pt; text-align: justify"><B><U>Q4 2019 Overview</U></B></P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">Net sales rose 45.7% to $6.2 million in Q4 2019 from $4.3 million in Q4 2018, with growth in all product categories (pumps, needle sets, tubing). &nbsp;This growth was driven by the Company&rsquo;s continued success in expanding its U.S. presence in the Primary Immune Deficiency Disease (&ldquo;PIDD&rdquo;) and Chronic Inflammatory Demyelinating Polyneuropathy (&ldquo;CIDP&rdquo;) markets, higher international sales, greater clinical trial participation, and to a lesser extent price increases.</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">Gross profit in Q4 2019 rose to $3.9 million from $2.7 million in Q4 2018, primarily due to increased sales volume. &nbsp;Gross margin of 63.4% was stable compared to 63.5% in Q4 2018, reflecting the integration of new hires in production during the quarter partially offset by price increases.</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">Total operating expenses for Q4 2019 rose to $4.1 million from $3.2 million in Q4 2018. &nbsp;Selling, general &amp; administrative expenses were $2.8 million, or 44.9% of net sales, compared to $2.7 million, or 62.8% of net sales in Q4 2018. &nbsp;Research and development expenses increased to $0.3 million from $0.1 million in Q4 2018, reflecting expanded product development initiatives and increased headcount. &nbsp;Litigation costs increased to $0.9 million from $0.3 million in Q4 2018, due to continued defense and increased legal activity against our competitor. &nbsp;We have had several favorable rulings in the New York and Texas courts dismissing those cases and have filed motions for court costs and attorney fees of which one fee motion has been recommended to be granted by the Magistrate Judge in New York, and the fee motion in Texas is stayed pending appeal of the case.</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">Net loss for Q4 2019 narrowed to less than $0.1 million, or $0.00 per diluted share, from a net loss of $0.4 million, or $0.01 per diluted share, in Q4 2018.</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">Q4 2019 Adjusted EBITDA rose 47.3% to $1.1 million from Adjusted EBITDA of $0.8 million in Q4 2018. &nbsp;Adjusted EBITDA excludes from net income: tax expense, depreciation and amortization, interest income, operating expenses associated with the Company&rsquo;s organizational changes prior to March 31, 2019, litigation costs, and stock option expense.</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">Cash and equivalents as of December 31, 2019 totaled $5.9 million. &nbsp;Cash flow of $2.1 million for the twelve months ended December 31, 2019 included a $1.8 million increase in accounts receivable as well as a $0.3 million increase in inventory both commensurate with sales growth. The increase also included $1.5 million in proceeds realized from the maturation of a Certificate of Deposit in Q2 2019 and $0.5 million associated with the exercise of warrants and options in 2019.</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify"><B><U>Non-GAAP Measures</U></B></P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">This press release includes the non-GAAP financial measures of &ldquo;Adjusted EBITDA&rdquo; that are not in accordance with, nor an alternate to, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on our reported results and, therefore, should not be relied upon as the sole financial measures to evaluate our financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial results. A reconciliation of our non-GAAP measures is included in an attachment to this press release.</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>

<P style="margin:0px; font-size:10pt" align=center>- 2 -</P>

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

<P style="margin:0px; font-size:12pt; text-align: justify"><B><U>Conference Call</U></B></P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">Management will host a conference call on Wednesday, February 26, 2020 at 9:00 am ET to discuss Q4 2019 and full year 2019 results and business activities.</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">Interested parties may participate in the call by dialing:</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=48 ></TD><TD width=672 ></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; font-size:12pt">&bull;</P>
</TD><TD style="margin-top:0px" valign=top width=672><P style="margin:0px; font-size:12pt">(877) 407-9753 (<I>Domestic</I>) or</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; font-size:12pt">&bull;</P>
</TD><TD style="margin-top:0px" valign=top width=672><P style="margin:0px; font-size:12pt">(201) 493-6739 (<I>International</I>)</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin:0px; font-size:12pt">Webcast registration: Click Here</P>
<P style="margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">Following the live call, a replay will be available for six months on the Company&rsquo;s website, www.korumedical.com under &ldquo;Investor Relations.&rdquo;</P>
<P style="margin:0px; font-size:12pt; text-align: justify"><B>&nbsp;</B></P>
<P style="margin:0px; font-size:12pt; text-align: justify"><B><U>About KORU Medical Systems</U></B></P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">KORU Medical Systems manufactures and commercializes innovative and easy-to-use specialty infusion solutions that improve quality of life for patients around the world. &nbsp;The FREEDOM Syringe Infusion System currently includes the FREEDOM60<SUP>&reg;</SUP> and FreedomEdge<SUP>&reg;</SUP> Syringe Infusion Drivers, Precision Flow Rate Tubing<SUP><font style='font-family:Arial Unicode MS,Times New Roman'>&trade;</font></SUP> and HIgH-Flo Subcutaneous Safety Needle Sets<SUP><font style='font-family:Arial Unicode MS,Times New Roman'>&trade;</font></SUP>. These devices are used for infusions administered in the home and alternate care settings. &nbsp;For more information about the Company, please visit www.korumedical.com.</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify"><B><U>Forward-looking Statements</U></B></P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt; text-align: justify">This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K for the year ended December 31, 2019, as amended, and our most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, which are on file with the SEC and are available on our website at www.korumedical.com/investors and on the SEC website at www.sec.gov. &nbsp;Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2019. All information provided in this release and in the attachments is as of February 25, 2020. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.</P>
<P style="margin:0px; font-size:12pt; text-align: justify">&nbsp;</P>
<P style="margin:0px; font-size:12pt"><B>Contacts:</B></P>
<P style="margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin:0px; font-size:12pt"><B>The Equity Group Inc.</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=354.467 ></TD><TD width=365.533 ></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=354.467><P style="margin:0px; font-size:12pt">Devin Sullivan</P>
</TD><TD style="margin-top:0px" valign=top width=365.533><P style="margin:0px; font-size:12pt">Kalle Ahl, CFA</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=354.467><P style="margin:0px; font-size:12pt">Senior Vice President</P>
</TD><TD style="margin-top:0px" valign=top width=365.533><P style="margin:0px; font-size:12pt">Vice President</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=354.467><P style="margin:0px; font-size:12pt">212-836-9608</P>
</TD><TD style="margin-top:0px" valign=top width=365.533><P style="margin:0px; font-size:12pt">212-836-9614</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=354.467><P style="margin:0px; font-size:12pt">mailto:dsullivan@equityny.com </P>
</TD><TD style="margin-top:0px" valign=top width=365.533><P style="margin:0px; font-size:12pt">kahl@equityny.com</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:12pt">&nbsp;</P>

<P style="margin:0px; font-size:10pt" 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>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=441.4 ></TD><TD width=15 ></TD><TD width=14.8 ></TD><TD width=96.467 ></TD><TD width=27.533 ></TD><TD width=14.267 ></TD><TD width=96.333 ></TD><TD width=14.133 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=111.267 colspan=2><P style="margin:0px" align=center><B>December 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=110.6 colspan=2><P style="margin:0px" align=center><B>December 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=111.267 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=110.6 colspan=2><P style="margin:0px" align=center><B>2018</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=719.933 colspan=8><P style="margin:0px" align=center><B>ASSETS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px">CURRENT ASSETS</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.467><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px" align=right>5,870,929</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px" align=right>3,738,803</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Certificates of deposit</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.467><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px" align=right>1,517,927</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Accounts receivable less allowance for doubtful accounts of $32,645 and $37,500 for December 31, 2019, and December 31, 2018, respectively</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px" align=right>3,234,521</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px" align=right>1,425,854</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Inventory</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.467><P style="margin:0px" align=right>2,388,477</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px" align=right>2,103,879</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Prepaid expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.467><P style="margin:0px" align=right>387,396</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>246,591</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px">TOTAL CURRENT ASSETS</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.467><P style="margin:0px" align=right>11,881,323</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px" align=right>9,033,054</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px">Property and equipment, net</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px" align=right>611,846</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px" align=right>858,781</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px; margin-left:23px; text-indent:-23px">Patents, net of accumulated amortization of $288,967 and $239,581 at December 31, 2019 and December 31, 2018, respectively</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.467><P style="margin:0px" align=right>807,135</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px" align=right>632,156</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-46.467px">Right of use assets, net</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px" align=right>373,734</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-46.467px">Deferred tax asset</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.467><P style="margin:0px" align=right>188,241</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px" align=right>1,466</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-46.467px">Other assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px" align=right>19,582</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px" align=right>19,582</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px">TOTAL ASSETS</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=14.8><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=96.467><P style="margin:0px" align=right>13,881,861</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=14.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=96.333><P style="margin:0px" align=right>10,545,039</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=705.8 colspan=7><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=719.933 colspan=8><P style="margin:0px" align=center><B>LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px">CURRENT LIABILITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.467><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Deferred capital gain - current </P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px" align=right>3,763</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Accounts payable</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.467><P style="margin:0px" align=right>572,656</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px" align=right>453,498</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Accrued expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px" align=right>1,296,612</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px" align=right>688,649</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Accrued payroll and related taxes</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.467><P style="margin:0px" align=right>190,265</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px" align=right>421,714</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Accrued tax liability</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px" align=right>204,572</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px" align=right>16,608</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Finance lease liability - current</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.467><P style="margin:0px" align=right>5,296</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Operating lease liability - current</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.467><P style="margin:0px" align=right>136,888</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px">TOTAL CURRENT LIABILITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.467><P style="margin:0px" align=right>2,406,289</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px" align=right>1,584,232</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-46.467px">Finance lease liability, net of current portion</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px" align=right>2,646</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-46.467px">Operating lease liability, net of current portion</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=96.467><P style="margin:0px" align=right>236,846</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px">TOTAL LIABILITIES</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.467><P style="margin:0px" align=right>2,645,781</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>1,584,232</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.467><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px">STOCKHOLDERS&rsquo; EQUITY</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Common stock, $0.01 par value, 75,000,000 shares authorized, 42,239,788 and 40,932,911 shares issued; 39,502,557 and 38,195,680 shares outstanding at December 31, 2019, and December 31, 2018, respectively</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.467><P style="margin:0px" align=right>422,398</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px" align=right>409,329</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Additional paid-in capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px" align=right>6,293,069</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px" align=right>4,595,214</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Retained earnings </P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=96.467><P style="margin:0px" align=right>4,864,817</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>4,300,468</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.467><P style="margin:0px" align=right>11,580,284</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.333><P style="margin:0px" align=right>9,305,011</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Less: Treasury stock, 2,737,231 shares at December 31, 2019 and December 31, 2018, respectively, at cost</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=96.467><P style="margin:0px" align=right>(344,204</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>(344,204</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=441.4><P style="margin:0px">TOTAL STOCKHOLDERS&rsquo; EQUITY</P>
</TD><TD style="margin-top:0px" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.467><P style="margin:0px" align=right>11,236,080</P>
</TD><TD style="margin-top:0px" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=14.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>8,960,807</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=441.4><P style="margin:0px">TOTAL LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=15><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=14.8><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=96.467><P style="margin:0px" align=right>13,881,861</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=27.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=14.267><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=96.333><P style="margin:0px" align=right>10,545,039</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=14.133><P style="margin:0px">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

<P style="margin:0px; font-size:10pt" 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 OPERATIONS</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=247.2 ></TD><TD width=11.267 ></TD><TD width=11.2 ></TD><TD width=86.667 ></TD><TD width=19 ></TD><TD width=11.4 ></TD><TD width=86.933 ></TD><TD width=19.267 ></TD><TD width=11.933 ></TD><TD width=86.333 ></TD><TD width=19.4 ></TD><TD width=11.933 ></TD><TD width=86.8 ></TD><TD width=10.333 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=215.2 colspan=5><P style="margin:0px" align=center><B>For the<BR>
Three Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=216.4 colspan=5><P style="margin:0px" align=center><B>For the<BR>
Twelve Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=215.2 colspan=5><P style="margin:0px" align=center><B>December 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=216.4 colspan=5><P style="margin:0px" align=center><B>December 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.867 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=98.333 colspan=2><P style="margin:0px" align=center><B>2018</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=98.267 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=98.733 colspan=2><P style="margin:0px" align=center><B>2018</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">NET SALES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.2><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>6,222,134</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.933><P style="margin:0px" align=right>4,271,001</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.333><P style="margin:0px" align=right>23,162,621</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.8><P style="margin:0px" align=right>17,353,737</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">Cost of goods sold</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.2><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>2,274,850</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.933><P style="margin:0px" align=right>1,557,489</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.333><P style="margin:0px" align=right>8,308,811</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.8><P style="margin:0px" align=right>6,543,249</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">Gross Profit</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.2><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>3,947,284</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.933><P style="margin:0px" align=right>2,713,512</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.333><P style="margin:0px" align=right>14,853,810</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.8><P style="margin:0px" align=right>10,810,488</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">OPERATING EXPENSES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">Selling, general and administrative</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.2><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>2,794,861</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.933><P style="margin:0px" align=right>2,682,838</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px" align=right>9,771,744</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.8><P style="margin:0px" align=right>8,196,562</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">Litigation </P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.2><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>934,412</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.933><P style="margin:0px" align=right>306,215</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.333><P style="margin:0px" align=right>3,415,683</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.8><P style="margin:0px" align=right>899,003</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">Research and development</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.2><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>290,020</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.933><P style="margin:0px" align=right>80,389</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px" align=right>740,475</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.8><P style="margin:0px" align=right>241,124</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">Depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><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=11.2><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>87,635</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=86.933><P style="margin:0px" align=right>80,362</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><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=11.933><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=86.333><P style="margin:0px" align=right>340,229</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.933><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=86.8><P style="margin:0px" align=right>309,263</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">Total Operating Expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.2><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>4,106,928</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.933><P style="margin:0px" align=right>3,149,804</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.333><P style="margin:0px" align=right>14,268,131</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.8><P style="margin:0px" align=right>9,645,952</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">Net Operating (Loss)/Profit</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.2><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>(159,644</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.933><P style="margin:0px" align=right>(436,292</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px" align=right>585,679</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.8><P style="margin:0px" align=right>1,164,536</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">Non-Operating Income/(Expense)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">Gain/(Loss) on currency exchange </P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.2><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>2,529</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.933><P style="margin:0px" align=right>(4,363</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.333><P style="margin:0px" align=right>(17,754</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.8><P style="margin:0px" align=right>(20,620</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">(Loss)/Gain on disposal of fixed asset, net</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.2><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>(1,910</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.933><P style="margin:0px" align=right>(1,069</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px" align=right>47,830</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.8><P style="margin:0px" align=right>4,930</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">Interest, net</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><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=11.2><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>21,572</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=86.933><P style="margin:0px" align=right>15,015</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><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=11.933><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=86.333><P style="margin:0px" align=right>80,663</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.933><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=86.8><P style="margin:0px" align=right>28,104</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">TOTAL OTHER INCOME</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.2><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>22,191</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.933><P style="margin:0px" align=right>9,583</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.333><P style="margin:0px" align=right>110,739</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.8><P style="margin:0px" align=right>12,414</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">INCOME BEFORE TAXES</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.2><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>(137,453</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.933><P style="margin:0px" align=right>(426,709</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px" align=right>696,418</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.8><P style="margin:0px" align=right>1,176,950</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">Income Tax (Benefit)/Expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.2><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>(57,197</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.933><P style="margin:0px" align=right>(71,576</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.333><P style="margin:0px" align=right>132,069</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.8><P style="margin:0px" align=right>266,380</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">NET (LOSS)/INCOME</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.2><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>(80,256</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=19><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.933><P style="margin:0px" align=right>(355,133</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=19.267><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.933><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.333><P style="margin:0px" align=right>564,349</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.933><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.8><P style="margin:0px" align=right>910,570</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">NET INCOME PER SHARE</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">Basic</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.2><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>0.00</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.933><P style="margin:0px" align=right>(0.01)</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.933><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.333><P style="margin:0px" align=right>0.01</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.933><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.8><P style="margin:0px" align=right>0.02</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">Diluted</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.2><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>0.00</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.933><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=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.933><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.333><P style="margin:0px" align=right>0.01</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.933><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.8><P style="margin:0px" align=right>0.02</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.2><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=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=247.2><P style="margin:0px">Basic</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.2><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>39,502,152</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.933><P style="margin:0px" align=right>38,202,539</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.933><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=86.333><P style="margin:0px" align=right>38,778,074</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.933><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=86.8><P style="margin:0px" align=right>38,128,260</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=247.2><P style="margin:0px">Diluted</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.2><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>39,729,309</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.933><P style="margin:0px" align=right>39,028,511</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.333><P style="margin:0px" align=right>39,061,310</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.8><P style="margin:0px" align=right>38,921,622</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

<P style="margin:0px; font-size:10pt" align=center>- 5 -</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"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=472.267 ></TD><TD width=10.067 ></TD><TD width=11.533 ></TD><TD width=91.333 ></TD><TD width=19.867 ></TD><TD width=11.533 ></TD><TD width=92.067 ></TD><TD width=11.667 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><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=226.333 colspan=5><P style="margin:0px" align=center><B>For the Years Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><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=102.867 colspan=2><P style="margin:0px" align=center><B>December 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=103.6 colspan=2><P style="margin:0px" align=center><B>December 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><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=102.867 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=103.6 colspan=2><P style="margin:0px" align=center><B>2018</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px">CASH FLOWS FROM OPERATING ACTIVITIES</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=102.867 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=103.6 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Net 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" valign=bottom width=11.533><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px" align=right>564,349</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px" align=right>910,570</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">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=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Stock based compensation expense</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px" align=right>1,204,844</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px" align=right>366,081</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Depreciation and amortization</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px" align=right>340,229</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px" align=right>309,263</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Gain on sale of fixed asset</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px" align=right>(47,830</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px" align=right>(4,930</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Deferred capital gain </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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px" align=right>(3,763</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px" align=right>(22,480</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Deferred taxes</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px" align=right>(186,775</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px" align=right>(23,141</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Provision for returns and doubtful accounts</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px" align=right>(4,855</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px" align=right>(39,567</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Changes in operating assets and liabilities:</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px; margin-left:95px; text-indent:-22.267px">(Increase)/ Decrease&nbsp;in accounts receivable</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px" align=right>(1,803,812</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px" align=right>475,662</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:95px; text-indent:-22.267px">Increase in inventory</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px" align=right>(284,598</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px" align=right>(445,198</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px; margin-left:95px; text-indent:-22.267px">Increase in prepaid 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" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px" align=right>(140,805</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px" align=right>(75,852</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:95px; text-indent:-22.267px">Decrease in other assets</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px" align=right>12,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px; margin-left:95px; text-indent:-22.267px">Increase/(Decrease) in accounts payable</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px" align=right>119,158</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px" align=right>(900</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:95px; text-indent:-22.267px">(Decrease)/Increase in accrued payroll and related taxes</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px" align=right>(231,449</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px" align=right>86,811</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px; margin-left:95px; text-indent:-22.267px">Increase in accrued 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" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px" align=right>607,963</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px" align=right>30,589</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:95px; text-indent:-22.267px">Increase/(Decrease) in accrued tax liability</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=91.333><P style="margin:0px" align=right>187,964</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=92.067><P style="margin:0px" align=right>(99,246</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px">NET CASH PROVIDED BY OPERATING ACTIVITIES</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=11.533><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=91.333><P style="margin:0px" align=right>320,620</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.533><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=92.067><P style="margin:0px" align=right>1,479,662</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px">CASH FLOWS FROM INVESTING ACTIVITIES</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Payments for capital expenditures</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px" align=right>(201,174</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px" align=right>(297,018</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Payments for patents</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px" align=right>(224,365</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px" align=right>(184,148</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Purchase of certificate of deposit</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px" align=right>(1,500,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px; margin-left:48.267px">Proceeds from certificates of deposit</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px" align=right>1,517,927</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px" align=right>245,342</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:48.267px">Proceeds on sale of fixed assets</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=91.333><P style="margin:0px" align=right>217,821</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=92.067><P style="margin:0px" align=right>6,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px">NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES</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=11.533><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=91.333><P style="margin:0px" align=right>1,310,209</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.533><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=92.067><P style="margin:0px" align=right>(1,729,824</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px">CASH FLOWS FROM FINANCING ACTIVITIES</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Stock issuances</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px" align=right>508,900</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px" align=right>51,250</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Finance lease</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px" align=right>(4,783</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Payment for cancelled shares</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=91.333><P style="margin:0px" align=right>(2,820</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=92.067><P style="margin:0px" align=right>(36,821</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px">NET CASH PROVIDED BY FINANCING ACTIVITIES</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=11.533><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=91.333><P style="margin:0px" align=right>501,297</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.533><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=92.067><P style="margin:0px" align=right>14,429</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px">Net Increase (Decrease) in CASH AND CASH EQUIVALENTS</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px" align=right>2,132,126</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px" align=right>(235,733</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px">CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=91.333><P style="margin:0px" align=right>3,738,803</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=92.067><P style="margin:0px" align=right>3,974,536</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px">CASH AND CASH EQUIVALENTS, END OF YEAR</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=11.533><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=91.333><P style="margin:0px" align=right>5,870,929</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.533><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=92.067><P style="margin:0px" align=right>3,738,803</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px">Supplemental Information</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:46.467px; text-indent:-22.267px">Cash paid during the years for:</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=91.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=92.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Interest</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=11.533><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=91.333><P style="margin:0px" align=right>342</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=11.533><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=92.067><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Taxes</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=11.533><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=91.333><P style="margin:0px" align=right>130,879</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.533><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=92.067><P style="margin:0px" align=right>378,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=472.267><P style="margin:0px; margin-left:46.467px; text-indent:-46.467px">NON-CASH FINANCING AND INVESTING ACTIVITIES</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=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=91.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=92.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=472.267><P style="margin:0px; margin-left:70.8px; text-indent:-22.267px">Issuance of common stock as compensation</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=11.533><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=91.333><P style="margin:0px" align=right>316,525</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.533><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=92.067><P style="margin:0px" align=right>118,041</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

<P style="margin:0px; font-size:10pt" align=center>- 6 -</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>RECONCILIATION OF NON-GAAP MEASURES</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=285.6 ></TD><TD width=12.267 ></TD><TD width=12.067 ></TD><TD width=76.4 ></TD><TD width=19.4 ></TD><TD width=11.667 ></TD><TD width=76.867 ></TD><TD width=18.733 ></TD><TD width=11.8 ></TD><TD width=77.267 ></TD><TD width=19.267 ></TD><TD width=11.067 ></TD><TD width=76.4 ></TD><TD width=10.8 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=12.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=196.4 colspan=5><P style="margin:0px" align=center><B>Three Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=206.6 colspan=6><P style="margin:0px" align=center><B>Twelve Months Ended</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6><P style="margin:0px"><B>Reconciliation of GAAP Net Income</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=12.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=196.4 colspan=5><P style="margin:0px" align=center><B>December 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=206.6 colspan=6><P style="margin:0px" align=center><B>December 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6><P style="margin:0px"><B>to Non-GAAP Adjusted EBITDA:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=12.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=88.467 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=88.533 colspan=2><P style="margin:0px" align=center><B>2018</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=89.067 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=98.267 colspan=3><P style="margin:0px" align=center><B>2018</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=285.6><P style="margin:0px">GAAP (Loss)/Net Income</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=12.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=12.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=76.4><P style="margin:0px" align=right>(80,257</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=19.4><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=76.867><P style="margin:0px" align=right>(355,133</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=18.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.8><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=77.267><P style="margin:0px" align=right>564,349</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=76.4><P style="margin:0px" align=right>910,570</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=10.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6><P style="margin:0px">Tax (Benefit)/Expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=12.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=76.4><P style="margin:0px" align=right>(57,197</P>
</TD><TD style="margin-top:0px" width=19.4><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=76.867><P style="margin:0px" align=right>(71,576</P>
</TD><TD style="margin-top:0px" width=18.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=top width=11.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=77.267><P style="margin:0px" align=right>132,069</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px" align=right>266,380</P>
</TD><TD style="margin-top:0px" valign=top width=10.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=285.6><P style="margin:0px">Depreciation/Amortization</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=12.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=76.4><P style="margin:0px" align=right>87,635</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=76.867><P style="margin:0px" align=right>80,362</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=18.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=77.267><P style="margin:0px" align=right>340,229</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=76.4><P style="margin:0px" align=right>309,263</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=10.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6><P style="margin:0px">Interest Income, Net</P>
</TD><TD style="margin-top:0px" valign=bottom width=12.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=76.4><P style="margin:0px" align=right>(21,572</P>
</TD><TD style="margin-top:0px" width=19.4><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=76.867><P style="margin:0px" align=right>(15,015</P>
</TD><TD style="margin-top:0px" width=18.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=top width=11.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=77.267><P style="margin:0px" align=right>(80,663</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=top width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px" align=right>(28,104</P>
</TD><TD style="margin-top:0px" valign=top width=10.8><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=285.6><P style="margin:0px">Reorganization Charges</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=12.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=76.4><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=76.867><P style="margin:0px" align=right>612,779</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=18.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=77.267><P style="margin:0px" align=right>354,926</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=76.4><P style="margin:0px" align=right>996,447</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=10.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6><P style="margin:0px">Litigation</P>
</TD><TD style="margin-top:0px" valign=bottom width=12.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=76.4><P style="margin:0px" align=right>934,412</P>
</TD><TD style="margin-top:0px" width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=76.867><P style="margin:0px" align=right>306,215</P>
</TD><TD style="margin-top:0px" width=18.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=77.267><P style="margin:0px" align=right>3,415,683</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=76.4><P style="margin:0px" align=right>899,003</P>
</TD><TD style="margin-top:0px" valign=top width=10.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=285.6><P style="margin:0px">Stock Option Expense</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=12.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=76.4><P style="margin:0px" align=right>247,544</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=11.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" width=76.867><P style="margin:0px" align=right>196,448</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=18.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=top width=11.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=top width=77.267><P style="margin:0px" align=right>888,319</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=top width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=top width=76.4><P style="margin:0px" align=right>248,040</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=10.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=285.6><P style="margin:0px">Non-GAAP Adjusted EBITDA</P>
</TD><TD style="margin-top:0px" valign=bottom width=12.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=12.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:3px double #000000" width=76.4><P style="margin:0px" align=right>1,110,565</P>
</TD><TD style="margin-top:0px" width=19.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=11.667><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" width=76.867><P style="margin:0px" align=right>754,080</P>
</TD><TD style="margin-top:0px" width=18.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=11.8><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=77.267><P style="margin:0px" align=right>5,614,912</P>
</TD><TD style="margin-top:0px" valign=top width=19.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=11.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=76.4><P style="margin:0px" align=right>3,601,599</P>
</TD><TD style="margin-top:0px" valign=top width=10.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

<P style="margin:0px; font-size:10pt" align=center>- 7 -</P>

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