<SEC-DOCUMENT>0001161697-20-000349.txt : 20200805
<SEC-HEADER>0001161697-20-000349.hdr.sgml : 20200805
<ACCEPTANCE-DATETIME>20200804180134
ACCESSION NUMBER:		0001161697-20-000349
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200804
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200805
DATE AS OF CHANGE:		20200804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REPRO MED SYSTEMS INC
		CENTRAL INDEX KEY:			0000704440
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				133044880
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39086
		FILM NUMBER:		201074596

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

	MAIL ADDRESS:	
		STREET 1:		24 CARPENTER RD
		CITY:			CHESTER
		STATE:			NY
		ZIP:			10918
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form_8-k.htm
<DESCRIPTION>FORM 8-K CURRENT REPORT FOR 08-04-2020
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<P style="margin:0" align=center><B>UNITED STATES</B></P>
<P style="margin:0" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0" align=center><B>Washington, DC 20549</B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0; font-size:12pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0; font-size:12pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
<P style="margin:0" align=center>&nbsp;</P>
<P style="margin:0" align=center>Date of Report (Date of earliest event reported)&nbsp;&nbsp;&nbsp;<B><U>August 4, 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>

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<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 August 4, 2020, Repro Med Systems, Inc. dba KORU Medical Systems
(&ldquo;KORU&rdquo;) issued a press release announcing its operating and financial results for the second quarter ended June 30,
2020 and a related conference will be held on August 5, 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><A HREF="ex_99-1.htm">Press release dated August 4, 2020</A></TD></TR>
</TABLE>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><BR></P>

<P style="margin:0" align=center><B>SIGNATURES</B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0; text-indent: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>August 4, 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>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex_99-1.htm
<DESCRIPTION>PRESS RELEASE DATED AUGUST 4, 2020
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<P style="margin:0px" align=center><B>Exhibit 99.1</B></P>
<P style="margin:0px"><img src="koru_logo.jpg" align=middle></P>
<P style="margin:0px" align=center><B><U>FOR IMMEDIATE RELEASE</U></B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B><U>KORU MEDICAL SYSTEMS ANNOUNCES 2020 SECOND QUARTER FINANCIAL RESULTS</U></B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; margin-left:24px" align=center><B><U>Record Net Sales of $7.7 Million, Gross Margin of 64%</U></B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><B>CHESTER, NY &ndash; August 4, 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 second quarter ended June 30, 2020 (&ldquo;Q2 2020&rdquo;).</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">&ldquo;We reported a strong Q2 2020, highlighted by a quarterly net sales record of $7.7 million,&rdquo; said Don Pettigrew, President and CEO. &nbsp;&ldquo;During the second quarter, we completed a successful public offering, settled our outstanding litigation with our competitor, were added to the broad market Russell 3000<SUP>&reg;</SUP>&nbsp;Index, the Russell 2000<SUP>&reg;</SUP>&nbsp;Index, and Russell Microcap<SUP>&reg;</SUP>&nbsp;Index, and continued to execute against our long-term growth objectives, including success with our strategy to broaden our pharmaceutical industry relationships and pursue clinical trial opportunities. &nbsp;I am extremely proud of the entire KORU Medical team for navigating us through the COVID-19 pandemic and embracing their designation as essential workers supporting the thousands of chronically ill patients who rely on our products.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">&ldquo;We believe that the awareness and diagnosis of Primary Immunodeficiency Diseases and Chronic Inflammatory Demyelinating Polyneuropathy - our primary end markets - is continuing to increase. &nbsp;We believe that COVID-19-related health concerns are driving the ongoing shift from hospital and clinic-based IVIg treatments to home-based subcutaneous Ig therapy, and that the acceleration of this trend is supporting the adoption of KORU Medical&rsquo;s mechanical, easy-to-use Freedom Integrated Infusion System which allows patients with immune diseases and other chronic conditions to self-administer their Ig drug therapy at home. &nbsp;The growing preference for at-home treatment is also, in our view, encouraging pharmaceutical companies to continue to develop subcutaneous Ig therapies and new drugs that can be administered at home.&rdquo;</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><B><U>Q2 2020 Overview</U></B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Net sales increased 44.1% to $7.7 million in Q2 2020 from $5.3 million in last year&rsquo;s second quarter, with growth in all product categories (pumps, needle sets, and tubing). &nbsp;We believe this growth was primarily driven by continued demand increases that included clinical trials, as well as increased purchasing to support the trend towards at-home infusion therapy and in response to the uncertainties created by COVID-19.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Gross profit in Q2 2020 rose 41.3% to $4.9 million from $3.5 million in Q2 2019, primarily due to increased sales volume. Gross margin was 63.7% in Q2 2020 as compared to 65.0% in Q2 2019,&nbsp;mostly due to&nbsp;an increase in overtime costs related to COVID-19 absenteeism. Gross margin was 65.4% when adjusted for overtime.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Selling, general &amp; administrative expenses were $3.2 million, or 41.5% of net sales, compared to $2.1 million, or 38.3% of net sales in Q2 2019. &nbsp;The increase was due primarily to the impact of new hires in the second half of last year, severance, a bonus for employee service during the COVID-19 pandemic, increased consulting, distributor fees and other miscellaneous administrative costs, partially offset by lower trade show and travel expenses due to COVID-19 related travel restrictions.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Higher litigation costs in Q2 2020 consisted of a $2.2 million non-cash, stock-based expense associated with the negotiation of and entry into a litigation settlement agreement with a competitor in May 2020. &nbsp;&nbsp;The Company expects expenses related to the competitor litigation will discontinue because of the settlement. &nbsp;Litigation expenses in Q2 2019 were $1.1 million, attributable to the competitor litigation.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Net loss for Q2 2020 was $(1.1) million, or $(0.03) per share, and included the one-time, non-cash litigation settlement expense of $2.2 million. Net income in Q2 2019 was $0.1 million, or $0.00 per share.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Q2 2020 Adjusted EBITDA rose 18.1% to $1.8 million from Adjusted EBITDA of $1.5 million in Q2 2019. &nbsp;Adjusted EBITDA excludes from net income: tax expense, depreciation and amortization, interest income, net, discontinued product expense, litigation costs that consisted of a $2.2 million non-cash, stock-based settlement expense, manufacturing initiative expenses, and stock option expense.</P>
<P style="margin:0px; text-align: justify"><BR></P>

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

<P style="margin:0px; text-align: justify"><B><U>Balance Sheet, Liquidity Initiatives and Credit</U></B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Cash and equivalents as of June 30, 2020 totaled $38.1 million, a $32.2 million increase from December 31, 2019. &nbsp;Substantially all of the increase was due to the $26.5 million of net proceeds from the recent capital raise and a $3.5 million draw against the Company&rsquo;s line of credit.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">&ldquo;This fresh capital allows us to fund our growth initiatives, including commercial expansion, increased clinical trial participation, gross margin enhancement, and new product innovation,&rdquo; concluded Mr. Pettigrew.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><B><U>Non-GAAP Measures</U></B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">This press release includes the non-GAAP financial measure of &ldquo;Adjusted EBITDA&rdquo; that is 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, this non-GAAP measure is 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 measure is meant to supplement, and to be viewed in conjunction with, GAAP financial results. A reconciliation of our non-GAAP measure is included in an attachment to this press release.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><B><U>Conference Call</U></B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Management will host a conference call on Wednesday, August 5, 2020 at 9:00 am ET to discuss the results and business activities. &nbsp;Interested parties may participate in the call by dialing:</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><font style='font-family:Arial Unicode MS,Times New Roman'>&#9679;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(877) 407-9753 (<I>Domestic</I>) or</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><font style='font-family:Arial Unicode MS,Times New Roman'>&#9679;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201) 493-6739 (<I>International</I>)</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><B>Webcast registration: </B>Click Here </P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Following the live call, a replay will be available for six months on the Company&rsquo;s website, www.korumedical.com<FONT style="color:#0000FF"><U> </U></FONT>under &ldquo;Investor Relations.&rdquo;</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><B><U>About KORU Medical Systems</U></B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">KORU Medical Systems develops, manufactures, and commercializes innovative and easy-to-use specialty infusion solutions that improve quality of life for patients around the world. 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. For more information, please visit www.korumedical.com.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><B><U>Forward-looking Statements</U></B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">This press release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements can be identified by words such as &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;believe&rdquo; and &ldquo;in our view.&rdquo; 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 March 30, 2020, 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. In addition, there are risks and uncertainties with respect to the impact of COVID-19 on our supply chain, operations, and financial condition. &nbsp;All information provided in this release and in the attachments is as of August 4, 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; text-align: justify"><BR></P>

<P style="margin:0px" 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"><B>Contacts:</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><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=237.867 ></TD><TD width=194.133 ></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=237.867><P style="margin:0px">Devin Sullivan</P>
</TD><TD style="margin-top:0px" valign=top width=194.133><P style="margin:0px">Kalle Ahl, CFA</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=237.867><P style="margin:0px">Senior Vice President</P>
</TD><TD style="margin-top:0px" valign=top width=194.133><P style="margin:0px">Vice President</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=237.867><P style="margin:0px">212-836-9608</P>
</TD><TD style="margin-top:0px" valign=top width=194.133><P style="margin:0px">212-836-9614</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=237.867><P style="margin:0px">mailto:dsullivan@equityny.com</P>
</TD><TD style="margin-top:0px" valign=top width=194.133><P style="margin:0px">kahl@equityny.com</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

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

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

<P style="margin:0px" align=center><B>REPRO MED SYSTEMS, INC.</B></P>
<P style="margin:0px" align=center><B>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=468.733 ></TD><TD width=10.2 ></TD><TD width=10.2 ></TD><TD width=96.333 ></TD><TD width=18.2 ></TD><TD width=9.8 ></TD><TD width=96.333 ></TD><TD width=10.2 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=106.533 colspan=2><P style="margin:0px" align=center><B>June 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=106.133 colspan=2><P style="margin:0px" align=center><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=top width=10.2><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=106.533 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=106.133 colspan=2><P style="margin:0px" align=center><B>December 31,</B></P>
</TD><TD style="margin-top:0px" valign=top width=10.2><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=106.533 colspan=2><P style="margin:0px" align=center><B>(Unaudited)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=top width=106.133 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=top width=10.2><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px" align=center><B>ASSETS</B></P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=10.2><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; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=9.8><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; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">CURRENT ASSETS</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><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; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>38,129,349</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.8><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>5,870,929</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">Accounts receivable less allowance for doubtful accounts of $32,645 at June 30, 2020 and December 31, 2019</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><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>2,965,902</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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>3,234,521</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">Inventory &nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>3,667,288</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>2,388,477</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">Prepaid expenses</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>543,482</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>387,396</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">TOTAL CURRENT ASSETS </P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>45,306,021</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>11,881,323</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">Property and equipment, net</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><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>818,064</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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>611,846</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">Patents, net of accumulated amortization of $319,120 and $288,967 at June 30, 2020 and December 31, 2019, respectively</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>926,504</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>807,135</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">Right of use assets, net</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><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>306,101</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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>373,734</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">Deferred tax asset</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>334,011</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>188,241</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">Other assets</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>19,812</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>19,582</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">TOTAL ASSETS</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" valign=bottom width=10.2><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" valign=bottom width=96.333><P style="margin:0px" align=right>47,710,513</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" valign=bottom width=9.8><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" valign=bottom width=96.333><P style="margin:0px" align=right>13,881,861</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><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; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px" align=center><B>LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><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; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">CURRENT LIABILITIES</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">Line of credit payable </P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.333><P style="margin:0px" align=right>3,500,000</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><P style="margin:0px">$</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=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">Accounts payable</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>920,006</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>572,656</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">Accrued expenses</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><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>2,686,200</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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>1,296,612</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">Accrued payroll and related taxes</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>523,537</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>190,265</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">Accrued tax liability </P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><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>523,190</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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>204,572</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">Finance lease liability - current</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>3,195</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>5,296</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">Operating lease liability - current</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><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>139,618</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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>136,888</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">TOTAL CURRENT LIABILITIES</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1.333px solid #000000" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>8,295,746</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1.333px solid #000000" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-top:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>2,406,289</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">Finance lease liability, net of current portion</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><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>1,030</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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>2,646</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">Operating lease liability, net of current portion</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>166,483</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>236,846</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">TOTAL LIABILITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>8,463,259</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>2,645,781</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">STOCKHOLDERS&rsquo; EQUITY</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><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; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">Common stock, $0.01 par value; 75,000,000 shares authorized, 46,640,120 and 42,239,788 shares issued, 43,902,889 and 39,502,557 shares outstanding at June 30, 2020 and December 31, 2019, respectively</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>466,401</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.333><P style="margin:0px" align=right>422,398</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">Additional paid-in capital</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><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>34,886,850</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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>6,293,069</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">Retained earnings</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>4,238,207</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>4,864,817</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><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>39,591,458</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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>11,580,284</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">Less: Treasury stock, 2,737,231 shares at June 30, 2020 and December 31, 2019, respectively, at cost</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>(344,204</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>(344,204</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.733><P style="margin:0px">TOTAL STOCKHOLDERS&rsquo; EQUITY</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>39,247,254</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=96.333><P style="margin:0px" align=right>11,236,080</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.733><P style="margin:0px">TOTAL LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" valign=bottom width=10.2><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" valign=bottom width=96.333><P style="margin:0px" align=right>47,710,513</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=18.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" valign=bottom width=9.8><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" valign=bottom width=96.333><P style="margin:0px" align=right>13,881,861</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

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

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

<P style="margin:0px" align=center><B>REPRO MED SYSTEMS, INC.</B></P>
<P style="margin:0px" align=center><B>STATEMENTS OF OPERATIONS (UNAUDITED)</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=259.867 ></TD><TD width=10.067 ></TD><TD width=9.6 ></TD><TD width=86.667 ></TD><TD width=18.067 ></TD><TD width=9.6 ></TD><TD width=86.667 ></TD><TD width=18.067 ></TD><TD width=9.6 ></TD><TD width=86.267 ></TD><TD width=19.067 ></TD><TD width=9.6 ></TD><TD width=87.267 ></TD><TD width=9.6 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=210.6 colspan=5><P style="margin:0px" align=center><B>For the<BR>
Three Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=211.8 colspan=5><P style="margin:0px" align=center><B>For the<BR>
Six Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=210.6 colspan=5><P style="margin:0px" align=center><B>June 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=211.8 colspan=5><P style="margin:0px" align=center><B>June 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.267 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.267 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=95.867 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.867 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">NET SALES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>7,708,904</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>5,348,812</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px" align=right>14,038,913</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px" align=right>10,323,090</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">Cost of goods sold</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>2,799,024</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>1,873,148</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.267><P style="margin:0px" align=right>5,340,823</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=87.267><P style="margin:0px" align=right>3,799,472</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">Gross Profit</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>4,909,880</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>3,475,664</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px" align=right>8,698,090</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px" align=right>6,523,618</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">OPERATING EXPENSES</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">Selling, general and administrative</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>3,201,831</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>2,050,435</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px" align=right>5,964,811</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px" align=right>4,535,303</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">Litigation</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px" align=right>2,346,914</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px" align=right>1,124,947</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px" align=right>2,446,072</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px" align=right>1,617,462</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">Research and development</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>298,196</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>178,235</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px" align=right>554,221</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px" align=right>280,194</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>94,940</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>86,169</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.267><P style="margin:0px" align=right>182,164</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=87.267><P style="margin:0px" align=right>169,820</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">Total Operating Expenses</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>5,941,881</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>3,439,786</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=86.267><P style="margin:0px" align=right>9,147,268</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=87.267><P style="margin:0px" align=right>6,602,779</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">Net Operating (Loss)/Profit</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>(1,032,001</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>35,878</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px" align=right>(449,178</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px" align=right>(79,161</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">Non-Operating (Expense)/Income</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">Loss on currency exchange </P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px" align=right>(2,594</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px" align=right>(1,235</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px" align=right>(13,091</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px" align=right>(10,925</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">(Loss)/Gain on disposal of fixed asset, net</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>(5,522</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>49,980</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px" align=right>(5,522</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px" align=right>49,740</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">Interest, net and other income, net</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>(5,002</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>18,243</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=86.267><P style="margin:0px" align=right>14,028</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=87.267><P style="margin:0px" align=right>35,723</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">TOTAL OTHER (EXPENSE)/INCOME</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>(13,118</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>66,988</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=86.267><P style="margin:0px" align=right>(4,585</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=87.267><P style="margin:0px" align=right>74,538</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">(LOSS)/INCOME BEFORE TAXES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>(1,045,119</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px" align=right>102,866</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px" align=right>(453,763</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px" align=right>(4,623</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">Income Tax Expense</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>(30,919</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=86.667><P style="margin:0px" align=right>(24,683</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=86.267><P style="margin:0px" align=right>(172,847</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=87.267><P style="margin:0px" align=right>(2,584</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">NET (LOSS)/INCOME</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>(1,076,038</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>78,183</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.267><P style="margin:0px" align=right>(626,610</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=19.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=87.267><P style="margin:0px" align=right>(7,207</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=9.6><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">NET (LOSS)/INCOME PER SHARE</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">Basic</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>(0.03</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>0.00</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.267><P style="margin:0px" align=right>(0.02</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=19.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=87.267><P style="margin:0px" align=right>0.00</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">Diluted</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>(0.03</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=18.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>0.00</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.267><P style="margin:0px" align=right>(0.02</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=19.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=87.267><P style="margin:0px" align=right>0.00</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=86.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=87.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=259.867><P style="margin:0px">Basic</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>40,361,924</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>38,353,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=86.267><P style="margin:0px" align=right>40,018,559</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=87.267><P style="margin:0px" align=right>38,279,718</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=259.867><P style="margin:0px">Diluted</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>40,524,754</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.667><P style="margin:0px" align=right>39,299,800</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=86.267><P style="margin:0px" align=right>40,201,134</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=87.267><P style="margin:0px" align=right>39,219,752</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 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" align=center><B>(UNAUDITED)</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=468.533 ></TD><TD width=10 ></TD><TD width=9.6 ></TD><TD width=96.133 ></TD><TD width=19 ></TD><TD width=9.6 ></TD><TD width=96.133 ></TD><TD width=11 ></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=230.467 colspan=5><P style="margin:0px" align=center><B>For the Six Months Ended</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=11><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.533><P style="margin:0px" align=center><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10><P style="margin:0px" align=center><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=top width=230.467 colspan=5><P style="margin:0px" align=center><B>June 30,</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=11><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=468.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=top width=105.733 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=19><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:1.333px solid #000000" valign=top width=105.733 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=11><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">CASH FLOWS FROM OPERATING ACTIVITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">Net Loss</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>(626,610</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>(7,207</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Stock based compensation expense </P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>784,821</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>529,538</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Stock based litigation settlement expense</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>1,285,102</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>182,164</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>169,820</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Deferred capital gain - building lease</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>&mdash;</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>(3,763</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Deferred taxes</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>(145,770</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>66,494</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Loss/(Gain) on disposal of fixed asset</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>5,522</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>(49,740</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities:</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Decrease/(Increase) in accounts receivable</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>268,619</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>(1,867,342</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Increase in inventory</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>(1,278,811</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>(467,706</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;(Increase)/Decrease in prepaid expense and other assets</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>(156,316</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>44,874</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Increase in accounts payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>347,350</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>76,882</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Increase/(Decrease) in accrued payroll and related taxes</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>333,272</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>(249,730</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Increase in accrued expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>1,389,588</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>346,181</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Increase/(Decrease) in accrued tax liability</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>318,618</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=96.133><P style="margin:0px" align=right>(72,210</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=96.133><P style="margin:0px" align=right>2,707,549</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.133><P style="margin:0px" align=right>(1,483,909</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">CASH FLOWS FROM INVESTING ACTIVITIES</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Payments for capital expenditures</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>(363,750</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>(67,079</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Payments for patents</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>(149,523</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>(136,182</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Proceeds on disposal of fixed asset</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>&mdash;</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>217,821</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Proceeds from certificate of deposit </P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>&mdash;</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.133><P style="margin:0px" align=right>1,517,927</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=96.133><P style="margin:0px" align=right>(513,273</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=96.133><P style="margin:0px" align=right>1,532,487</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">CASH FLOWS FROM FINANCING ACTIVITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Line of credit advance</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>3,500,000</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Issuance of equity</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>26,567,861</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>24,700</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Payment for cancelled shares</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>&mdash;</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>(2,820</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;&nbsp;&nbsp;Finance lease</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px" align=right>(3,717</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=96.133><P style="margin:0px" align=right>(2,069</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">NET CASH PROVIDED BY FINANCING ACTIVITIES</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1.333px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1.333px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=96.133><P style="margin:0px" align=right>30,064,144</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=96.133><P style="margin:0px" align=right>19,811</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">NET INCREASE &nbsp;IN CASH AND CASH EQUIVALENTS</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>32,258,420</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>68,389</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=96.133><P style="margin:0px" align=right>5,870,929</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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=96.133><P style="margin:0px" align=right>3,738,803</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">CASH AND CASH EQUIVALENTS, END OF PERIOD</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=96.133><P style="margin:0px" align=right>38,129,349</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=96.133><P style="margin:0px" align=right>3,807,192</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">Supplemental Information</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">Cash paid during the periods for:</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">Interest</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=96.133><P style="margin:0px" align=right>13,554</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=96.133><P style="margin:0px" align=right>233</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">Taxes</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=96.133><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=96.133><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=468.533><P style="margin:0px">NON-CASH FINANCING AND INVESTING ACTIVITIES</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><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=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=96.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=468.533><P style="margin:0px">Issuance of common stock as compensation</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=96.133><P style="margin:0px" align=right>120,004</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=96.133><P style="margin:0px" align=right>212,898</P>
</TD><TD style="margin-top:0px" valign=bottom width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 6 -</P>

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

<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=313.2 ></TD><TD width=11.467 ></TD><TD width=11.4 ></TD><TD width=67.133 ></TD><TD width=11.867 ></TD><TD width=11.4 ></TD><TD width=11.067 ></TD><TD width=67.067 ></TD><TD width=12.067 ></TD><TD width=11.4 ></TD><TD width=11.4 ></TD><TD width=67.133 ></TD><TD width=22.8 ></TD><TD width=11.4 ></TD><TD width=67 ></TD><TD width=11.733 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=313.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.467><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=179.933 colspan=6><P style="margin:0px" align=center><B>Three Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=12.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=191.467 colspan=6><P style="margin:0px" align=center><B>Six Months Ended</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=313.2><P style="margin:0px"><B>Reconciliation of GAAP Net (Loss)/Income</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.467><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=179.933 colspan=6><P style="margin:0px" align=center><B>June 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=12.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=191.467 colspan=6><P style="margin:0px" align=center><B>June 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=313.2><P style="margin:0px"><B>to Non-GAAP Adjusted EBITDA:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=11.467><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78.533 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=top width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.4><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=78.133 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=12.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=78.533 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=top width=22.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=90.133 colspan=3><P style="margin:0px" align=center><B>2019</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1px solid #000000" valign=bottom width=313.2><P style="margin:0px">GAAP Net (Loss)/Income</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.467><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">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=67.133><P style="margin:0px" align=right>(1,076,038</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=67.067><P style="margin:0px" align=right>78,183</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=67.133><P style="margin:0px" align=right>(626,610</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=22.8><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=67><P style="margin:0px" align=right>(7,207</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=313.2><P style="margin:0px; margin-left:19.933px">Tax Expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.467><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" width=67.133><P style="margin:0px" align=right>30,919</P>
</TD><TD style="margin-top:0px" valign=top width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=67.067><P style="margin:0px" align=right>24,683</P>
</TD><TD style="margin-top:0px" width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67.133><P style="margin:0px" align=right>172,847</P>
</TD><TD style="margin-top:0px" valign=top width=22.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67><P style="margin:0px" align=right>2,584</P>
</TD><TD style="margin-top:0px" valign=top width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=313.2><P style="margin:0px; margin-left:19.933px">Depreciation/Amortization</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.467><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" width=67.133><P style="margin:0px" align=right>94,940</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=67.067><P style="margin:0px" align=right>86,169</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=67.133><P style="margin:0px" align=right>182,164</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=22.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=67><P style="margin:0px" align=right>169,820</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=313.2><P style="margin:0px; margin-left:19.933px">Interest Expense/(Income), Net</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.467><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" width=67.133><P style="margin:0px" align=right>5,002</P>
</TD><TD style="margin-top:0px" valign=top width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=67.067><P style="margin:0px" align=right>(18,243</P>
</TD><TD style="margin-top:0px" width=12.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67.133><P style="margin:0px" align=right>(14,028</P>
</TD><TD style="margin-top:0px" valign=top width=22.8><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67><P style="margin:0px" align=right>(35,723</P>
</TD><TD style="margin-top:0px" valign=top width=11.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=313.2><P style="margin:0px; margin-left:19.933px">Reorganization Charges</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.467><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" width=67.133><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=67.067><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=67.133><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=22.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=67><P style="margin:0px" align=right>354,926</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=313.2><P style="margin:0px; margin-left:19.933px">Discontinued Product Expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.467><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" width=67.133><P style="margin:0px" align=right>(31,581</P>
</TD><TD style="margin-top:0px" valign=top width=11.867><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=67.067><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67.133><P style="margin:0px" align=right>77,977</P>
</TD><TD style="margin-top:0px" valign=top width=22.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=top width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=313.2><P style="margin:0px; margin-left:19.933px">Litigation*</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.467><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" width=67.133><P style="margin:0px" align=right>2,346,914</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=67.067><P style="margin:0px" align=right>1,124,947</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=67.133><P style="margin:0px" align=right>2,446,072</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=22.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=67><P style="margin:0px" align=right>1,617,462</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=313.2><P style="margin:0px; margin-left:19.933px">Manufacturing Initiative Expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.467><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" width=67.133><P style="margin:0px" align=right>25,957</P>
</TD><TD style="margin-top:0px" valign=top width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=67.067><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67.133><P style="margin:0px" align=right>135,759</P>
</TD><TD style="margin-top:0px" valign=top width=22.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=67><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=top width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=313.2><P style="margin:0px; margin-left:19.933px">Stock Option Expense</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.467><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" width=67.133><P style="margin:0px" align=right>363,851</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=11.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=67.067><P style="margin:0px" align=right>194,765</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=67.133><P style="margin:0px" align=right>664,817</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=22.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=67><P style="margin:0px" align=right>316,640</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=313.2><P style="margin:0px">Non-GAAP Adjusted EBITDA&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.467><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=11.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:3px double #000000" width=67.133><P style="margin:0px" align=right>1,759,964</P>
</TD><TD style="margin-top:0px" valign=top width=11.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=11.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=11.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:3px double #000000" width=67.067><P style="margin:0px" align=right>1,490,504</P>
</TD><TD style="margin-top:0px" width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11.4><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=top width=11.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:3px double #000000" valign=top width=67.133><P style="margin:0px" align=right>3,038,998</P>
</TD><TD style="margin-top:0px" valign=top width=22.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:3px double #000000" valign=top width=11.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:3px double #000000" valign=top width=67><P style="margin:0px" align=right>2,418,502</P>
</TD><TD style="margin-top:0px" valign=top width=11.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">*For the three and six months ended June 30, 2020, litigation costs consisted of a $2.2 million non-cash, stock-based settlement expense. </P>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 7 -</P>

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