<SEC-DOCUMENT>0001161697-20-000471.txt : 20201104
<SEC-HEADER>0001161697-20-000471.hdr.sgml : 20201104
<ACCEPTANCE-DATETIME>20201103215926
ACCESSION NUMBER:		0001161697-20-000471
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201103
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201104
DATE AS OF CHANGE:		20201103

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:		201285074

	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 11-03-2020
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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>November 3, 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">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>The Nasdaq Stock Market</B></P>
</TD></TR>
</TABLE>
<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 0 0 5in; 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>

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

<P style="margin:0"><B>ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.</B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">On November 3, 2020, Repro Med Systems, Inc. dba KORU Medical Systems
(&ldquo;KORU&rdquo;) issued a press release announcing its operating and financial results for the third quarter ended September
30, 2020. A related conference will be held on November 4, 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 November 3, 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>November 3, 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 NOVEMBER 3, 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"></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 FINANCIAL RESULTS FOR THIRD QUARTER 2020</U></B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><B>CHESTER, NY &ndash; November 3, 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 third quarter ended September 30, 2020 (&ldquo;Q3 2020&rdquo;).</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><B><U>Q3 2020 Overview</U></B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">&ldquo;The strength and resiliency of our core business, which provides our Freedom Integrated Infusion System to individuals with Primary Immune Deficiency Disease and Chronic Inflammatory Demyelinating Polyneuropathy, is helping us navigate the challenges of the COVID-19 pandemic. Our total net sales declined in Q3 2020 primarily attributable to lower clinical trial activity and allowances associated with U.S. sales. &nbsp;Net sales for the first nine months of 2020 rose 19% from the same period last year and volume growth continued within our business.&rdquo;</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Mr. Pettigrew continued, &ldquo;We are continuing to manage our operations to deliver growth by capitalizing on multiple, sustainable long-term growth drivers. &nbsp;We remain confident in the strength of our core business, which is predominantly comprised of recurring revenues and excludes clinical trials. &nbsp;Our core business is likely to continue to grow given the heightened awareness of PIDD and CIDP diseases, proven and effective immunoglobulin therapy, the benefits of at home treatment, growing addressable patient populations, and an increasing focus by pharmaceutical manufacturers to develop subcutaneous drugs that allow individuals to self-administer these therapies at home. We believe we remain well-positioned to further capture clinical trials sales, support expanded drug indications for existing therapies, and pursue international expansion as the effects of the pandemic subside. Our business fundamentals and cash position remain strong.&rdquo;</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><B><U>Update on Strategic Growth Initiatives</U></B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><U>Hematology Drug Launch and Additional Clinical Trial Participation</U></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">The Freedom System was utilized in a recently completed Phase III clinical trial for a subcutaneous hematology drug. &nbsp;This drug is aimed at treating paroxysmal nocturnal hemoglobinuria (PNH), a rare, chronic blood disorder that affects over 15,000 patients worldwide. &nbsp;&nbsp;KORU Medical expects that this new drug will launch in 2021 and that the Freedom System will be the preferred delivery method. &nbsp;The Company also believes that the Freedom System will be utilized in several additional upcoming clinical trials with this same drug focused on expanding indications and disease states for larger patient populations.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">&ldquo;The new PNH drug is progressing towards its planned launch in 2021 and is currently being trialed in other indications using the Freedom System. &nbsp;Relationships such as this are an essential part of our strategic plan as this PNH indication alone has the potential to significantly expand our core business,&rdquo; said Mr. Pettigrew.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify"><B><U>Q3 2020 Financial Results Summary</U></B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Net sales were $6.1 million in Q3 2020 compared to $6.6 million in last year&rsquo;s third quarter.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Gross profit in Q3 2020 was $3.9 million, or 64.8% of net sales, compared to $4.4 million, or 66.2% of net sales, in Q3 2019, reflecting lower net sales.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Total operating expenses in Q3 2020 remained stable at $3.6 million from Q3 2019.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Net income for Q3 2020 was $0.2 million, or $0.01 per share, compared to net income in Q3 2019 of $0.7 million, or $0.02 per share.</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Q3 2020 Adjusted EBITDA was $0.9 million compared to Adjusted EBITDA of $2.2 million in Q3 2019. &nbsp;Adjusted EBITDA excludes from net income / (loss): income tax expense, depreciation and amortization, interest income, net, discontinued product expense, litigation expenses including stock-based settlement expense, manufacturing initiative expenses, and stock option expense. </P>
<P style="margin:0px; text-align: justify"><BR></P>

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

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<P style="margin:0px; text-align: justify"><B><U>Balance Sheet Summary</U></B></P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; text-align: justify">Cash and cash equivalents as of September 30, 2020 totaled $32.4 million, with the increase from December 31, 2019 reflecting $26.5 million of net proceeds from the capital raise completed in Q2 2020.</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, November 4, 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">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(877) 407-9753 (<I>Domestic</I>) or</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-align: justify">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201) 493-6739 (<I>International</I>)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Webcast registration: </B><U>Click Here</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Following the live call, a replay will be available for six months on the Company&rsquo;s website, www.korumedical.com under &ldquo;Investor Relations.&rdquo;</P>
<P style="margin:0px; 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>&trade;</SUP> and HIgH-Flo Subcutaneous Safety Needle Sets<SUP>&trade;</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;expects,&rdquo; &ldquo;likely,&rdquo; &ldquo;look forward,&rdquo; &ldquo;planned,&rdquo; &ldquo;potential,&rdquo; and &ldquo;believe.&rdquo; &nbsp;&nbsp;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, such as uncertainties associated with COVID-19, future operating results, Food and Drug Administration regulations, introduction of competitive products, acceptance of and demand for new and existing products, ability to penetrate new markets, success in enforcing and obtaining patents, reimbursement related risks, government regulation of the home health care industry, success of the research and development effort, expanding the market of FREEDOM60&reg; demand in the SCIg market, availability of sufficient capital if or when needed, dependence on key personnel, and the impact of recent accounting pronouncements; and 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, and our Quarterly Report on Form 10-Q for the quarter ended June 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. All information provided in this release and in the attachments is as of November 3, 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"><BR></P>

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

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<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=235.333 ></TD><TD width=148.667 ></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=235.333><P style="margin:0px">Devin Sullivan</P>
</TD><TD style="margin-top:0px" valign=top width=148.667><P style="margin:0px">Kalle Ahl, CFA</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=235.333><P style="margin:0px">Senior Vice President</P>
</TD><TD style="margin-top:0px" valign=top width=148.667><P style="margin:0px">Vice President</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=235.333><P style="margin:0px">212-836-9608</P>
</TD><TD style="margin-top:0px" valign=top width=148.667><P style="margin:0px">212-836-9614</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=235.333><P style="margin:0px">mailto:dsullivan@equityny.com </P>
</TD><TD style="margin-top:0px" valign=top width=148.667><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" 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=460.333 ></TD><TD width=10.067 ></TD><TD width=10 ></TD><TD width=101.267 ></TD><TD width=17.067 ></TD><TD width=10 ></TD><TD width=101.267 ></TD><TD width=10 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><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=top width=111.267 colspan=2><P style="margin:0px" align=center><B>September 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=111.267 colspan=2><P style="margin:0px" align=center><B>December 31,</B></P>
</TD><TD style="margin-top:0px" valign=top width=10><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><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=top width=111.267 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=111.267 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=top width=10><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px" align=center><B>ASSETS</B></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=top width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px">CURRENT ASSETS</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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Cash and cash equivalents</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=10><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>32,433,811</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>5,870,929</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Accounts receivable less allowance for doubtful accounts of $24,676 and $32,645 at September 30, 2020 and December 31, 2019, respectively</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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>3,736,596</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>3,234,521</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Inventory &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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>5,633,139</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>2,388,477</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Prepaid 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:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>844,496</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>387,396</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px">TOTAL CURRENT ASSETS </P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>42,648,042</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>11,881,323</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px">Property and equipment, 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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>1,260,675</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>611,846</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px; margin-left:6.667px; text-indent:-6.667px">Patents, net of accumulated amortization of $335,686 and $288,967 at September 30, 2020 and December 31, 2019, respectively</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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>884,635</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>807,135</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px">Right of use assets, 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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>271,679</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>373,734</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px">Deferred tax asset</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>349,609</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>188,241</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px">Other assets</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:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>19,812</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>19,582</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px">TOTAL ASSETS</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=10><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=101.267><P style="margin:0px" align=right>45,434,452</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=10><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=101.267><P style="margin:0px" align=right>13,881,861</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px" align=center><B>LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</B></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=top width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px">CURRENT LIABILITIES</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Accounts payable</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>1,363,070</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>572,656</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Accrued 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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>3,051,582</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>1,296,612</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Accrued payroll and related 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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>440,144</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>190,265</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Accrued tax liability </P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>363,158</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>204,572</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Finance lease liability &ndash; current</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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>3,026</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>5,296</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Operating lease liability &ndash; current</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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>140,450</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>136,888</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px">TOTAL CURRENT LIABILITIES</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-top:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>5,361,430</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-top:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>2,406,289</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px">Finance lease liability, net of current portion</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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>414</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>2,646</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px">Operating lease liability, net of current portion</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:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>131,229</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>236,846</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px">TOTAL LIABILITIES</P>
</TD><TD style="margin-top:0px" valign=bottom width=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>5,493,073</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>2,645,781</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px">Commitments and contingencies</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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px">STOCKHOLDERS&rsquo; EQUITY</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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Common stock, $0.01 par value; 75,000,000 shares authorized, 46,671,807 and 42,239,788 shares issued, 43,934,576 and 39,502,557 shares outstanding at September 30, 2020 and December 31, 2019, respectively</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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>466,718</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>422,398</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Additional paid-in capital</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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>35,331,483</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.267><P style="margin:0px" align=right>6,293,069</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Treasury stock, 2,737,231 shares at September 30, 2020 and December 31, 2019, respectively, at cost </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=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=101.267><P style="margin:0px" align=right>(344,204</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px">)</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=101.267><P style="margin:0px" align=right>(344,204</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px; margin-left:20px; text-indent:-6.667px">Retained earnings</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:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>4,487,382</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>4,864,817</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=460.333><P style="margin:0px">TOTAL STOCKHOLDERS&rsquo; EQUITY</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:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>39,941,379</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1.333px solid #000000" valign=bottom width=101.267><P style="margin:0px" align=right>11,236,080</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=460.333><P style="margin:0px">TOTAL LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</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=10><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=101.267><P style="margin:0px" align=right>45,434,452</P>
</TD><TD style="margin-top:0px" valign=bottom width=17.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=10><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=101.267><P style="margin:0px" align=right>13,881,861</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>

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

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

<P style="margin:0px" align=center><B>REPRO MED SYSTEMS, INC.</B></P>
<P style="margin:0px" align=center><B>STATEMENTS OF OPERATIONS </B></P>
<P style="margin:0px" 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=270.6 ></TD><TD width=9.8 ></TD><TD width=10.067 ></TD><TD width=83.333 ></TD><TD width=19.467 ></TD><TD width=10.067 ></TD><TD width=83.267 ></TD><TD width=18.867 ></TD><TD width=9.6 ></TD><TD width=83.133 ></TD><TD width=18.933 ></TD><TD width=10.067 ></TD><TD width=83.8 ></TD><TD width=9.333 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=206.2 colspan=5><P style="margin:0px" align=center><B>Three Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=205.533 colspan=5><P style="margin:0px" align=center><B>Nine Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=206.2 colspan=5><P style="margin:0px" align=center><B>September 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=205.533 colspan=5><P style="margin:0px" align=center><B>September 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=93.4 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=93.333 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=92.733 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=93.867 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding: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=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">NET SALES</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=10.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.333><P style="margin:0px" align=right>6,080,315</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.267><P style="margin:0px" align=right>6,617,397</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><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">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.133><P style="margin:0px" align=right>20,119,228</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=10.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.8><P style="margin:0px" align=right>16,940,487</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:28.067px; text-indent:-9.267px">Cost of goods sold</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" 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=83.333><P style="margin:0px" align=right>2,139,592</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" 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=83.267><P style="margin:0px" align=right>2,234,489</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px" align=right>7,480,415</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" 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=83.8><P style="margin:0px" align=right>6,033,961</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">Gross Profit</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=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.333><P style="margin:0px" align=right>3,940,723</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px" align=right>4,382,908</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><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=83.133><P style="margin:0px" align=right>12,638,813</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px" align=right>10,906,526</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding: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=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">OPERATING EXPENSES</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding: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=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:28.067px; text-indent:-9.267px">Selling, general and administrative</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=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.333><P style="margin:0px" align=right>3,075,169</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px" align=right>2,441,381</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><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=83.133><P style="margin:0px" align=right>9,039,980</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px" align=right>6,976,684</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:28.067px; text-indent:-9.267px">Litigation</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding: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=83.333><P style="margin:0px" align=right>675</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px" align=right>864,009</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px" align=right>2,446,747</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px" align=right>2,481,471</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:28.067px; text-indent:-9.267px">Research and development</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=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.333><P style="margin:0px" align=right>390,416</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px" align=right>170,260</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><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=83.133><P style="margin:0px" align=right>944,637</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px" align=right>450,454</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:28.067px; text-indent:-9.267px">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" 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=83.333><P style="margin:0px" align=right>115,637</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" 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=83.267><P style="margin:0px" align=right>82,774</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px" align=right>297,801</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" 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=83.8><P style="margin:0px" align=right>252,594</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">Total Operating Expenses</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; border-bottom:1px solid #000000" 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=83.333><P style="margin:0px" align=right>3,581,897</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=10.067><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=83.267><P style="margin:0px" align=right>3,558,424</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=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=83.133><P style="margin:0px" align=right>12,729,165</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=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=83.8><P style="margin:0px" align=right>10,161,203</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding: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=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">Net Operating Profit/(Loss)</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=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.333><P style="margin:0px" align=right>358,826</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px" align=right>824,484</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><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=83.133><P style="margin:0px" align=right>(90,352</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px">)</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=83.8><P style="margin:0px" align=right>745,323</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding: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=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">Non-Operating Income/(Expense)</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=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:28.067px; text-indent:-9.267px">Gain/(Loss) on currency exchange </P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding: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=83.333><P style="margin:0px" align=right>1,927</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px" align=right>(9,358</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px" align=right>(11,164</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px">)</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=83.8><P style="margin:0px" align=right>(20,283</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:28.067px; text-indent:-9.267px">Gain on disposal of fixed assets, net</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=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.333><P style="margin:0px" align=right>22,113</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><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=83.133><P style="margin:0px" align=right>16,591</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px" align=right>49,740</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:28.067px; text-indent:-9.267px">Interest income, net</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" 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=83.333><P style="margin:0px" align=right>9,662</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" 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=83.267><P style="margin:0px" align=right>23,368</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px" align=right>23,690</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" 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=83.8><P style="margin:0px" align=right>59,091</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">TOTAL OTHER INCOME/(EXPENSE)</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; border-bottom:1px solid #000000" 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=83.333><P style="margin:0px" align=right>33,702</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=10.067><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=83.267><P style="margin:0px" align=right>14,010</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=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=83.133><P style="margin:0px" align=right>29,117</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" valign=bottom width=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=83.8><P style="margin:0px" align=right>88,548</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding: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=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">INCOME/(LOSS) BEFORE INCOME TAXES</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=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.333><P style="margin:0px" align=right>392,528</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px" align=right>838,494</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><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=83.133><P style="margin:0px" align=right>(61,235</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px">)</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=83.8><P style="margin:0px" align=right>833,871</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding: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=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:28.067px; text-indent:-9.267px">Income Tax Expense</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; border-bottom:1px solid #000000" 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=83.333><P style="margin:0px" align=right>(143,353</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" 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=83.267><P style="margin:0px" align=right>(186,681</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><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=83.133><P style="margin:0px" align=right>(316,200</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:1px solid #000000" 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=83.8><P style="margin:0px" align=right>(189,265</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding: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=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">NET INCOME/(LOSS)</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; border-bottom:3px double #000000" valign=bottom width=10.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=83.333><P style="margin:0px" align=right>249,175</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=19.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=10.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=83.267><P style="margin:0px" align=right>651,813</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=18.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=83.133><P style="margin:0px" align=right>(377,435</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=18.933><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=10.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=83.8><P style="margin:0px" align=right>644,606</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding: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=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">NET INCOME/(LOSS) PER SHARE</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=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding: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=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:19.2px">Basic</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; border-bottom:3px double #000000" valign=bottom width=10.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=83.333><P style="margin:0px" align=right>0.01</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=19.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=10.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=83.267><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=18.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=83.133><P style="margin:0px" align=right>(0.01</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=18.933><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=10.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=83.8><P style="margin:0px" align=right>0.02</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #FFFFFF" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:19.2px">Diluted</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=10.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=83.333><P style="margin:0px" align=right>0.01</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=19.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=10.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=83.267><P style="margin:0px" align=right>0.02</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=18.867><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">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=83.133><P style="margin:0px" align=right>(0.01</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=18.933><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=10.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=83.8><P style="margin:0px" align=right>0.02</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">&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=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding: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=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:9.267px; text-indent:-9.267px">&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=10.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=83.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding: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=83.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><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=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px; padding: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=83.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=270.6><P style="margin:0px; margin-left:19.2px">Basic</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" 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=83.333><P style="margin:0px" align=right>43,914,542</P>
</TD><TD style="margin-top:0px" valign=bottom width=19.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" 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=83.267><P style="margin:0px" align=right>39,022,298</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.867><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=83.133><P style="margin:0px" align=right>41,326,815</P>
</TD><TD style="margin-top:0px" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" 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=83.8><P style="margin:0px" align=right>38,534,021</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=270.6><P style="margin:0px; margin-left:19.2px">Diluted</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; border-bottom:3px double #000000" 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=83.333><P style="margin:0px" align=right>44,119,511</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=10.067><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=83.267><P style="margin:0px" align=right>39,298,408</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=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=83.133><P style="margin:0px" align=right>41,326,815</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=18.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=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=83.8><P style="margin:0px" align=right>38,734,083</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.333><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=469.8 ></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=9.8 ></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=469.8><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>Nine Months Ended</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=9.8><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=469.8><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>September 30,</B></P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=9.8><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=469.8><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=9.8><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px; margin-left:18.8px">Net (Loss)/Income</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">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>(377,435</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=96.133><P style="margin:0px" align=right>644,606</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:28.8px; text-indent:-9.6px">Adjustments to reconcile net (loss)/income 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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px; margin-left:38.4px">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>1,191,146</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>897,300</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:38.4px">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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px; margin-left:38.4px">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>297,801</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>252,594</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:38.4px">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=9.8><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px; margin-left:38.4px">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>(161,368</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>134,563</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:38.4px">Gain on disposal of fixed 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>(16,591</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>(49,740</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px; margin-left:18.8px">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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:38.4px">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>(502,075</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>(2,120,780</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px; margin-left:38.4px">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>(3,244,662</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>(634,803</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:38.4px">Increase in prepaid expenses 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>(457,330</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>(206,560</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px; margin-left:38.4px">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>790,414</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>421,479</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:38.4px">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>249,879</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>(310,355</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px; margin-left:38.4px">Increase in accrued expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=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>1,754,970</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>490,053</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:38.4px">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>158,586</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>(16,608</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><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>968,437</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>(502,014</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:18.8px">Purchases of property and equipment </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>(908,323</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>(158,193</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px; margin-left:18.8px">Purchases of 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>(124,216</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>(188,274</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:18.8px">Proceeds from disposal of property and equipment</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>25,000</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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px; margin-left:18.8px">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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><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>(1,007,539</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>1,389,281</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px">CASH FLOWS FROM 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" 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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:18.8px">Proceeds from 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>26,606,486</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>508,900</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px; margin-left:18.8px">Payments 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=9.8><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:18.8px">Borrowings from indebtedness</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>4,976,508</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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=469.8><P style="margin:0px; margin-left:18.8px">Payments on indebtedness</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=10><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.133><P style="margin:0px" align=right>(4,976,508</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=19><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=96.133><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:18.8px">Payments on finance lease 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>(4,502</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>(3,122</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><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: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>26,601,984</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>502,958</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px">NET INCREASE 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>26,562,882</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>1,390,225</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><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">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=96.133><P style="margin:0px" align=right>32,433,811</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=96.133><P style="margin:0px" align=right>5,129,028</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><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=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=469.8><P style="margin:0px; margin-left:18.8px">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">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=96.133><P style="margin:0px" align=right>27,698</P>
</TD><TD style="margin-top:0px" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=96.133><P style="margin:0px" align=right>280</P>
</TD><TD style="margin-top:0px" valign=bottom width=9.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=469.8><P style="margin:0px; margin-left:18.8px">Income 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">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=96.133><P style="margin:0px" align=right>318,983</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=19><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6; border-bottom:3px double #000000" valign=bottom width=9.6><P style="margin:0px">$</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>103,465</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=9.8><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>

<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=288.733 ></TD><TD width=13 ></TD><TD width=13 ></TD><TD width=64.133 ></TD><TD width=12.067 ></TD><TD width=14.067 ></TD><TD width=13.067 ></TD><TD width=67.2 ></TD><TD width=15.067 ></TD><TD width=13.067 ></TD><TD width=18.067 ></TD><TD width=69.2 ></TD><TD width=25.067 ></TD><TD width=11 ></TD><TD width=68.2 ></TD><TD width=15.067 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=288.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=13><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=183.533 colspan=6><P style="margin:0px" align=center><B>Three Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=13.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=206.6 colspan=6><P style="margin:0px" align=center><B>Nine Months Ended</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=288.733><P style="margin:0px"><B>Reconciliation of GAAP Net Income/(Loss)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=13><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=183.533 colspan=6><P style="margin:0px" align=center><B>September 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=13.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=206.6 colspan=6><P style="margin:0px" align=center><B>September 30,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=288.733><P style="margin:0px"><B>to Non-GAAP Adjusted EBITDA:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=13><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=77.133 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=top width=12.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=14.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=80.267 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=13.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=87.267 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=94.267 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=288.733><P style="margin:0px">GAAP Net Income/(Loss)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=13><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=64.133><P style="margin:0px" align=right>249,175</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=14.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=13.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=67.2><P style="margin:0px" align=right>651,813</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=18.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=69.2><P style="margin:0px" align=right>(377,435</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=25.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=68.2><P style="margin:0px" align=right>644,606</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=288.733><P style="margin:0px; margin-left:19.2px">Income Tax Expense</P>
</TD><TD style="margin-top:0px" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=64.133><P style="margin:0px" align=right>143,353</P>
</TD><TD style="margin-top:0px" valign=top width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=14.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=67.2><P style="margin:0px" align=right>186,681</P>
</TD><TD style="margin-top:0px" width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px" align=right>316,200</P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.2><P style="margin:0px" align=right>189,265</P>
</TD><TD style="margin-top:0px" valign=top width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=288.733><P style="margin:0px; margin-left:19.2px">Depreciation and Amortization</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=64.133><P style="margin:0px" align=right>115,637</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=14.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=bottom width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" width=67.2><P style="margin:0px" align=right>82,774</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=69.2><P style="margin:0px" align=right>297,801</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=25.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=68.2><P style="margin:0px" align=right>252,594</P>
</TD><TD style="margin-top:0px; background-color:#E6E6E6" valign=top width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=288.733><P style="margin:0px; margin-left:19.2px">Interest Income, Net </P>
</TD><TD style="margin-top:0px" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=64.133><P style="margin:0px" align=right>(9,662</P>
</TD><TD style="margin-top:0px" valign=top width=12.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" width=14.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=67.2><P style="margin:0px" align=right>(23,368</P>
</TD><TD style="margin-top:0px" width=15.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=top width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=69.2><P style="margin:0px" align=right>(23,690</P>
</TD><TD style="margin-top:0px" valign=top width=25.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=top width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=68.2><P style="margin:0px" align=right>(59,091</P>
</TD><TD style="margin-top:0px" valign=top width=15.067><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#E7E6E6" valign=bottom width=288.733><P style="margin:0px; margin-left:19.2px">Reorganization Charges</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" width=64.133><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" width=14.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=bottom width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" width=67.2><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=69.2><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=25.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=68.2><P style="margin:0px" align=right>354,926</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=288.733><P style="margin:0px; margin-left:19.2px">Discontinued Product Expense</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=64.133><P style="margin:0px" align=right>(6,659</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=12.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=67.2><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=69.2><P style="margin:0px" align=right>71,318</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=25.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=68.2><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E7E6E6" valign=bottom width=288.733><P style="margin:0px; margin-left:19.2px">Litigation*</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" width=64.133><P style="margin:0px" align=right>675</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" width=14.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=bottom width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" width=67.2><P style="margin:0px" align=right>864,009</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=69.2><P style="margin:0px" align=right>2,446,747</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=25.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=68.2><P style="margin:0px" align=right>2,481,471</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=288.733><P style="margin:0px; margin-left:19.2px">Manufacturing Initiative Expenses</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=64.133><P style="margin:0px" align=right>59,045</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=67.2><P style="margin:0px" align=right>120,386</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=69.2><P style="margin:0px" align=right>194,804</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=25.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=68.2><P style="margin:0px" align=right>120,386</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#E7E6E6" valign=bottom width=288.733><P style="margin:0px; margin-left:19.2px">Stock Option Expense</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6; border-bottom:1px solid #000000" valign=bottom width=13><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6; border-bottom:1px solid #000000" width=64.133><P style="margin:0px" align=right>346,323</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" width=14.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6; border-bottom:1px solid #000000" valign=bottom width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6; border-bottom:1px solid #000000" width=67.2><P style="margin:0px" align=right>324,135</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6; border-bottom:1px solid #000000" valign=top width=18.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6; border-bottom:1px solid #000000" valign=top width=69.2><P style="margin:0px" align=right>1,011,140</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=25.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6; border-bottom:1px solid #000000" valign=top width=11><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#E7E6E6; border-bottom:1px solid #000000" valign=top width=68.2><P style="margin:0px" align=right>640,775</P>
</TD><TD style="margin-top:0px; background-color:#E7E6E6" valign=top width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=288.733><P style="margin:0px">Non-GAAP Adjusted EBITDA</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=bottom width=13><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=13><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" width=64.133><P style="margin:0px" align=right>897,887</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=12.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" width=14.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" valign=bottom width=13.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" width=67.2><P style="margin:0px" align=right>2,206,430</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=13.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" valign=top width=18.067><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" valign=top width=69.2><P style="margin:0px" align=right>3,936,885</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=25.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" valign=top width=11><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF; border-bottom:3px double #000000" valign=top width=68.2><P style="margin:0px" align=right>4,624,932</P>
</TD><TD style="margin-top:0px; background-color:#FFFFFF" valign=top width=15.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">* For the nine months ended September 30, 2020, litigation 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>
