<SEC-DOCUMENT>0001553350-18-001256.txt : 20181116
<SEC-HEADER>0001553350-18-001256.hdr.sgml : 20181116
<ACCEPTANCE-DATETIME>20181116121108
ACCESSION NUMBER:		0001553350-18-001256
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20181114
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181116
DATE AS OF CHANGE:		20181116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DUOS TECHNOLOGIES GROUP, INC.
		CENTRAL INDEX KEY:			0001396536
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				650493217
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-55497
		FILM NUMBER:		181189119

	BUSINESS ADDRESS:	
		STREET 1:		6622 SOUTHPOINT DRIVE S
		STREET 2:		SUITE 310
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32216
		BUSINESS PHONE:		904-296-2807

	MAIL ADDRESS:	
		STREET 1:		6622 SOUTHPOINT DRIVE S
		STREET 2:		SUITE 310
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DUOS TECHNOLOGY GROUP, INC.
		DATE OF NAME CHANGE:	20150710

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INFORMATION SYSTEMS ASSOCIATES, INC.
		DATE OF NAME CHANGE:	20070416
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>duot_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Current Report</TITLE>
<META NAME="author" CONTENT="Edgar">
<META NAME="date" CONTENT="01/19/2018">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin-top:0px; margin-bottom:8.867px">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="line-height:1pt; margin:0px; font-size:12pt" align=center><B>&nbsp;</B></P>
<P style="margin-top:0px; margin-bottom:2.2px; padding-bottom:4px; border-bottom:4px solid #000000" align=right>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-top:4px; border-top:1.333px solid #000000" align=right>&nbsp;</P>
<P style="margin:0px; font-size:12pt" align=center><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:12pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Date of Report (Date of earliest event reported): &nbsp;November 14, 2018</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:16pt" align=center><B>Duos Technologies Group, Inc.</B></P>
<P style="margin:0px; font-size:8pt" align=center><I>(Exact name of registrant as specified in its charter)</I></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=208.133 /><TD width=207.933 /><TD width=207.933 /></TR>
<TR><TD style="margin-top:0px" valign=top width=208.133><P style="margin:0px" align=center><B>Florida</B></P>
</TD><TD style="margin-top:0px" valign=top width=207.933><P style="margin:0px" align=center><B>000-55497</B></P>
</TD><TD style="margin-top:0px" valign=top width=207.933><P style="margin:0px" align=center><B>65-0493217</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=208.133><P style="margin:0px; font-size:8pt" align=center><I>(State or Other Jurisdiction</I></P>
</TD><TD style="margin-top:0px" valign=top width=207.933><P style="margin:0px; font-size:8pt" align=center><I>(Commission</I></P>
</TD><TD style="margin-top:0px" valign=top width=207.933><P style="margin:0px; font-size:8pt" align=center><I>(I.R.S. Employer</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=208.133><P style="margin:0px; font-size:8pt" align=center><I>of Incorporation)</I></P>
</TD><TD style="margin-top:0px" valign=top width=207.933><P style="margin:0px; font-size:8pt" align=center><I>File Number)</I></P>
</TD><TD style="margin-top:0px" valign=top width=207.933><P style="margin:0px; font-size:8pt" align=center><I>Identification No.)</I></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>6622 Southpoint Drive S., Suite 310</B></P>
<P style="margin:0px" align=center><B>Jacksonville, Florida 32216</B></P>
<P style="margin:0px; font-size:8pt" align=center><I>(Address of Principal Executive Office) (Zip Code)</I></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>(904) 652-1601</B></P>
<P style="margin:0px; font-size:8pt" align=center><I>(Registrant&#146;s telephone number, including area code)</I></P>
<P style="margin-top:8.867px; margin-bottom:0px" 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:</P>
<P style="margin-top:8.867px; margin-bottom:0px; font-family:Wingdings" align=justify>&#168;<FONT style="font-family:Times New Roman"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; font-family:Wingdings" align=justify>&#168;<FONT style="font-family:Times New Roman"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; font-family:Wingdings" align=justify>&#168;<FONT style="font-family:Times New Roman"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P style="margin-top:8.867px; margin-bottom:0px; font-family:Wingdings" align=justify>&#168;<FONT style="font-family:Times New Roman"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
<P style="line-height:6pt; margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Emerging growth company &nbsp;<FONT style="font-family:Wingdings">&#168;</FONT></P>
<P style="line-height:6pt; margin:0px"><BR></P>
<P style="margin:0px" align=justify>If an emerging growth company, indicate by checkmark 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;<FONT style="font-family:Wingdings">&#168;</FONT></P>
<P style="margin-top:0px; margin-bottom:2.2px; padding-bottom:4px; border-bottom:1.333px solid #000000">&nbsp;</P>
<P style="margin:0px; padding-top:4px; border-top:4px solid #000000">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><B>Item 2.02 Results of Operations and Financial Condition</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>On November 14, 2018, Duos Technologies Group, Inc. (the &#147;Company&#148;) issued a press release announcing the financial and operating results of the Company for the quarter ended September 30, 2018. The text of the press release is furnished as Exhibit 99.1 and incorporated herein by reference.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Additionally, on November 15, 2018, the Company held an earnings phone call open to the public (the &#147;Earnings Call&#148;). Mr. Gianni B. Arcaini, Chairman of the Company&#146;s Board of Directors and Chief Executive Officer along with Mr. Adrian G. Goldfarb, the Company&#146;s Chief Financial Officer, discussed the financial and operating results of the Company for the quarter ended September 30, 2018 as well as the Company&#146;s guidance for fiscal year 2019. The script for the Earnings Call is furnished hereto as Exhibit 99.2 and incorporated herein by reference.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify><B>Item 7.01&nbsp;Regulation FD&nbsp;Disclosure.</B> </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The information set forth in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><U>Cautionary Note Regarding Forward-Looking Statements</U></P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>This Current Report on Form 8-K includes information that may constitute forward-looking statements. These forward-looking statements are based on the Company&#146;s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. Forward looking statements include, without limitation, statements relating to projected industry growth rates, the Company&#146;s current growth rates and the Company&#146;s present and future cash flow position. A variety of factors could cause actual events and results, as well as the Company&#146;s expectations, to differ materially from those expressed in or contemplated by the forward-looking statements. Risk factors affecting the Company are discussed in detail in the Company&#146;s filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable securities laws.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>The information in Item 2.02 and Item 7.01 to this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed &#147;filed&#148; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The Press Release and script of the Earnings Call can also be found on our website at https://duostechnologies.com.</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px"><B>Item 9.01&nbsp;&nbsp;Financial Statements and Exhibits.</B></P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<P style="margin:0px">(d)&nbsp;Exhibits</P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=58.333 /><TD width=8.333 /><TD /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=58.333><P style="margin:0px; font-size:8pt"><B>Exhibit No.</B></P>
</TD><TD style="margin-top:0px" valign=top width=8.333><P style="margin:0px; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; font-size:8pt" align=justify><B>Description of Exhibit</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=58.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=8.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top width=58.333><P style="margin:0px">99.1</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=top width=8.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; color:#0000FF"><A HREF="duot_ex99z1.htm"><U>Press Release dated November 14, 2018</U></A><FONT style="color:#000000"></FONT></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=58.333><P style="margin:0px">99.2</P>
</TD><TD style="margin-top:0px" valign=top width=8.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF"><A HREF="duot_ex99z2.htm"><U>Script of Earnings Call with Mr. Gianni B. Arcaini and Mr. Adrian G. Goldfarb, dated November 15, 2018</U></A><FONT style="color:#000000"></FONT></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center>2</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px" align=center><B>SIGNATURES</B></P>
<P style="margin-top:8.867px; margin-bottom:0px">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-top:9.8px; margin-bottom:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=29.933 /><TD width=260.333 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=290.267 colspan=2><P style="margin:0px"><B>DUOS TECHNOLOGIES GROUP, INC.</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=260.333><P style="margin:0px">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=260.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px">Dated: November 16, 2018</P>
</TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px">By:&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=260.333><P style="margin:0px">/s/&nbsp;<I>Adrian Goldfarb</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=260.333 rowspan=2><P style="margin:0px">Adrian Goldfarb</P>
<P style="margin:0px">Chief Financial Officer</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=29.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin-top:8.867px; margin-bottom:0px"><BR></P>
<P style="margin-top:8.867px; margin-bottom:0px"><BR></P>
<P style="margin-top:8.867px; margin-bottom:0px"><BR></P>
<P style="margin-top:8.867px; margin-bottom:0px"><BR></P>
<P style="margin-top:8.867px; margin-bottom:0px"><BR>
<BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center>3</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
</BODY>
<!-- EDGAR Validation Code: 28535434 -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>duot_ex99z1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Press Release</TITLE>
<META NAME="author" CONTENT="Steven Hart">
<META NAME="date" CONTENT="11/15/2018">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:7.333px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:14pt" align=right><B>EXHIBIT 99.1</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=223.267 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Arial Black,Arial; font-size:18pt; color:#0000FF" align=justify>duos<FONT style="color:#000000">tech</FONT></P>
</TD><TD style="margin-top:0px" valign=top width=223.267><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=right><B>FOR IMMEDIATE RELEASE</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:14pt" align=center><B>Duos Technologies Group Reports Third Quarter 2018 Results</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=center><B><I>Company Increases Full Year 2018 Revenue Guidance to $11.0 Million</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Jacksonville, FL/ Globe Newswire/ November 14, 2018 - </B>Duos Technologies Group, Inc. (&#147;Duos&#148; or the &#147;Company&#148;) (OTCQB: DUOT), a provider of intelligent security analytical technology solutions, reported financial results for the third quarter ended September 30, 2018.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Third Quarter 2018 and Recent Operational Highlights</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>Awarded contract in the aggregate of $1.0 million from a regional bank (the &#147;Bank&#148;) with a national footprint for the installation of Duos&#146; praesidium&#174; and centraco&#174; systems, which will provide comprehensive security solutions for 19 of the Bank&#146;s sites in 14 locations across the United States</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>Awarded a software license and application model agreement from a leading North American Class-1 transportation and logistics company to develop enhanced inspection algorithms, which covers the development and licensing of 17 artificial intelligence-based detection algorithm models</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>Awarded a patent by the U.S. Patent and Trademark Office for the Company&#146;s Linear Speed Measurement technology, which enables the &#147;stitching&#148; of images that are a single pixel wide into an accurate high-definition image of a train with up to 100 or more cars, significantly increasing the accuracy of the speed information compared to commercially available measurement devices</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>Completed integration and received certification under the Lenel Open Access Alliance Program (&#147;OAAP&#148;) for enhanced security offerings, which greatly expands the capabilities of the Physical Security Information Management (&#147;PSIM&#148;) component of the Duos centraco&#174; 3.0 platform</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>Increased headcount to 50 staff during the quarter</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>Opened Operations Center of Excellence site, housing the company&#146;s technical staff, research and development and testing facility</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<A NAME="_Hlk529777900"></A><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Third Quarter 2018 Financial Results</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Total revenue</B> increased 388% to a Company record $5.1 million, from $1.0 million in the same quarterly period last year. The significant increase in total revenue was driven by an increase in project revenue and maintenance and technical support, which was offset by a decrease in IT asset management services revenues. The increase in project revenue is a result of the Company&#146;s ongoing transition to new offerings, including intelligent analytics and machine learning, from traditional legacy security-centric offerings.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Gross profit</B> increased 501% to more than $2.3 million, from $387,000 in the same quarterly period last year. The significant increase in gross profit was due to the increase in project revenues as discussed above. In previous quarters, gross profit was impacted by certain accounting changes related to the implementation of Accounting Standards Codification (ASC) 606. The Company had anticipated these profits to be recorded later in the year and, therefore, the third quarter&#146;s accounting is directly comparable with the equivalent quarter in 2017. Gross profit was slightly impacted by revenues related to construction on two projects that were essentially &#147;pass-through&#148; or low margin. Management anticipates gross profit to be close to historical norms for the full year.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:7.333px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Operating expenses</B> increased 44% to $1.7 million from $1.2 million in the same quarterly period last year. <A NAME="_Hlk529699082"></A>The increase in operating expenses <A NAME="_Hlk521331753"></A>was mainly due to an increase in resources related to the significant increase in revenues for the period. Selling and marketing as well as research and development both increased in line with the Company&#146;s investment in resources to grow the business. The increase in salaries, wages and contract labor was higher during the period due to an increase in number of employees and additional contract expenses related to the overall significant increase in revenues.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Net Income</B> totaled $633,000, or $0.03 per share , an improvement from net loss of $125,000, or $(0.07) per share (basic), in the same quarter a year-ago. <A NAME="_Hlk529699188"></A>The improvement in net income was primarily <A NAME="_Hlk521331832"></A>attributable to the increase in project revenue mentioned above.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Financial Outlook</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>For the fiscal year ending December 31, 2018, the Company has increased its revenue outlook to $11.0 million from $10.1 million, which would represent an approximate 183% increase as compared to the $3.9 million reported revenue in the fiscal year ended December 31, 2017. The Company&#146;s guidance is based on contracts in backlog that are already performing and scheduled to be executed during, or which have been executed before, the fourth quarter of 2018. Management also anticipates receiving additional awards in the remainder of 2018. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Management Commentary<A NAME="_Hlk497467541"></A></B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>&#147;We delivered yet another record financial performance in the third quarter of this year and continued to make significant operational progress in our long-term growth plan,&#148; said Duos Chairman and CEO Gianni Arcaini. &#147;We expect our performance and growth to continue through the remainder of the year. &nbsp;With our new engineering and operations facility up and running, as well as the addition of several key executives to our management team, we believe we have the tools and the talent to take our success to new heights. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>&#147;Looking ahead, we are in discussions with a number of multi-national organizations to partner on expanded technologies and distribution of our systems to the global markets. &nbsp;Furthermore, we are in the process of consolidating our machine learning and artificial intelligence program in a new division which will operate under the brand &#145;TrueVue360&#146;.&#148;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Conference Call</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>The Company&#146;s management will host a conference call on Thursday, November 15, 2018 at 11:00 a.m. Eastern time (8:00 a.m. Pacific time) to discuss these results, followed by a question and answer period. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>Date: Thursday, November 15, 2018</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>U.S. dial-in: (888) 339-2688</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>International dial-in: (617) 847-3007</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>Passcode: 92814227</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios at (949) 574-3860.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>The conference call will be broadcast live and available for replay via the investor section of the Company&#146;s website. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:7.333px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:12pt" align=justify><B>About Duos Technologies Group, Inc.</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify>Duos Technologies Group, Inc. (OTCQB: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiary, Duos Technologies, Inc., provides advanced intelligent security and analytical technology solutions with a strong portfolio of intellectual property. The Company&#146;s core competencies include intelligent technologies that combine machine learning, artificial intelligence and advanced video analytics that are delivered through its proprietary integrated enterprise command and control centraco&#174; platform. The Company provides its broad range of technology solutions with an emphasis on mission critical security, inspection and operations within the rail transportation, retail, petrochemical, government, and banking sectors. Duos Technologies also offers professional and consulting services for large data centers. For more information, visit www.duostech.com.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B><I>Forward Looking Statements</I></B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><I>This press release contains &#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995.&nbsp; Forward-looking terminology such as &#147;believes,&#148; &#147;expects,&#148; &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;anticipates,&#148; &#147;plans,&#148; or similar expressions or the negative of these terms and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause Duos Technologies Group, Inc.&#146;s actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Duos&#146; Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Duos&#146; filings with the SEC.</I></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=313.4 /></TR>
<TR><TD style="margin-top:0px" valign=top width=313.4><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Contacts: Duos Technologies</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=313.4><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=justify><B>Corporate</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt">Tracie Hutchins</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt">Duos Technology Group, Inc.<BR>
904-652-1601<BR>
tlh@duostech.com</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt"><B>Investor Relations</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt">Matt Glover or Tom Colton</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt">Liolios</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt">949-574-3860</P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt">DUOT@liolios.com</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:7.333px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center><B>(Unaudited)</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=7.2 /><TD width=7.2 /><TD width=72 /><TD width=7.2 /><TD width=7.2 /><TD width=7.2 /><TD width=72 /><TD width=7.2 /><TD width=7.2 /><TD width=7.2 /><TD width=72 /><TD width=7.2 /><TD width=7.2 /><TD width=7.2 /><TD width=72 /><TD width=7.2 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=172.8 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>For the Three Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=172.8 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>For the Nine Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=172.8 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>September 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=172.8 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>September 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2018</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2017</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2018</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2017</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px; font-size:8pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">REVENUES:</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Project</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>4,731,106</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>561,022</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>8,516,812</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,512,628</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Maintenance and technical support</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>371,110</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>288,137</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>881,004</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>914,438</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">IT asset management services</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>196,576</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>92,386</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>816,903</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Revenues</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>5,102,216</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,045,735</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>9,490,202</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,243,969</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">COST OF REVENUES:</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Project</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,684,785</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>458,337</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>5,079,455</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,180,193</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Maintenance and technical support</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>89,077</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>131,363</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>300,593</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>366,357</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">IT asset management services</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>68,691</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>47,989</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>328,730</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Cost of Revenues</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,773,862</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>658,391</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>5,428,037</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,875,280</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">GROSS PROFIT</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,328,354</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>387,344</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>4,062,165</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,368,689</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">OPERATING EXPENSES:</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Selling and marketing expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>73,468</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>27,104</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>189,092</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>146,031</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Salaries, wages and contract labor</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,072,029</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>784,012</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,153,138</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,359,899</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Research and development</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>122,755</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>65,984</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>401,116</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>225,982</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Professional fees</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>63,878</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>87,366</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>187,679</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>292,099</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">General and administrative expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>359,991</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>210,398</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>864,969</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>768,606</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Operating Expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,692,121</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,174,864</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>4,795,994</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,792,617</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">INCOME (LOSS) FROM OPERATIONS</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>636,233</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(787,520</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(733,829</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(2,423,928</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">OTHER INCOME (EXPENSES):</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Interest Expense</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(4,589</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(1,525,894</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(14,755</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(3,279,898</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Gain on settlement of debt</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>64,647</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Warrant derivative gain</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,188,546</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,901,219</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Other income, net</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>981</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,742</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Other Income (Expense)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(3,608</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>662,652</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(11,013</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(1,314,031</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">NET INCOME (LOSS)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>632,625</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(124,868</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(744,842</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(3,737,959</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">Series A preferred stock dividends</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(5,920</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(17,760</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">Net income (loss) applicable to common stock</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>632,625</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(130,788</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(744,842</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(3,755,719</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">Basic Net Income (Loss) Per Share</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.03</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(0.07</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(0.04</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(1.98</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">Diluted Net Income(Loss) Per Share</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.02</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(0.07</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(0.04</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(1.98</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">Weighted Average Shares-Basic</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>20,752,450</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,899,716</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>20,724,153</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,896,578</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">Weighted Average Shares-Diluted</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>26,412,450</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,899,716</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>20,724,153</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,896,578</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:7.333px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center><B>CONSOLIDATED BALANCE SHEETS</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=7.2 /><TD width=7.2 /><TD width=72 /><TD width=7.2 /><TD width=7.2 /><TD width=7.2 /><TD width=72 /><TD width=7.2 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>September 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>December 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2018</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2017</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>ASSETS</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">CURRENT ASSETS:</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Cash</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,572,051</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,941,818</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Accounts receivable, net</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,391,447</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>298,304</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Contract assets</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>347,565</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>423,793</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Prepaid expenses and other current assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>249,162</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>90,923</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Current Assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,560,225</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,754,838</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Property and equipment, net</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>170,899</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>65,362</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">OTHER ASSETS:</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Software Development Costs, net</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>45,000</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Patents and trademarks, net</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>47,428</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>45,978</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Other Assets</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>92,428</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>45,978</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">TOTAL ASSETS</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,823,552</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,866,178</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>LIABILITIES AND STOCKHOLDERS' EQUITY</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">CURRENT LIABILITIES:</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Accounts payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>981,310</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>812,618</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Accounts payable - related parties</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>13,473</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>12,598</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Notes payable - financing agreements</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>69,038</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>49,657</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Notes payable - related parties</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>9,078</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Line of credit</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>31,516</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>34,513</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Payroll taxes payable</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>200,119</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>149,448</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Accrued expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>441,091</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>497,277</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Contract liabilities</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,258,159</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>200,410</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Deferred revenue</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>279,375</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>438,907</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Current Liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,274,081</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,204,506</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Notes payable - related party</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>39,137</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total Liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,274,081</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,243,643</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">Commitments and Contingencies (Note 6)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">STOCKHOLDERS' EQUITY:</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Preferred stock:&nbsp; $0.001 par value, 10,000,000 authorized, 9,485,000 shares available to be designated</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Series A redeemable convertible cumulative preferred stock, $10 stated value per share, 500,000 shares designated; 0 issued and outstanding at September 30, 2018 and December 31, 2017, convertible into common stock at $6.30 per share</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Series B convertible cumulative preferred stock, $1,000 stated value per share, 15,000 shares designated; 2,830 issued and outstanding at September 30, 2018 and December 31, 2017, convertible into common stock at $0.50 per share</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,830,000</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,830,000</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Common stock:&nbsp; $0.001 par value; 500,000,000 shares authorized, 21,010,437 and 20,657,850 shares issued, 21,007,157 and 20,654,570 shares outstanding at September 30, 2018 and December 31, 2017, respectively</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>21,010</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>20,658</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Additional paid-in capital</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>27,280,249</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>26,608,823</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Total stock &amp; paid-in-capital</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>30,131,259</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>29,459,481</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Accumulated deficit</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(29,433,788</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(28,688,946</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Sub-total</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>697,471</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>770,535</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Less:&nbsp; Treasury stock (3,280 shares of common stock)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(148,000</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(148,000</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">Total Stockholders' Equity</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>549,471</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>622,535</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">Total Liabilities and Stockholders' Equity</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,823,552</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,866,178</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Cambria,Times New Roman; font-size:11pt; page-break-before:always" align=justify>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:7.333px" align=justify><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center><B>DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
<P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=center><B>(Unaudited)</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=7.2 /><TD width=7.2 /><TD width=72 /><TD width=7.2 /><TD width=7.2 /><TD width=7.2 /><TD width=72 /><TD width=7.2 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=172.8 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>For the Nine Months Ended</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=172.8 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>September 30,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2018</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt" align=center><B>2017</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:8pt">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Cash from operating activities:</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=top width=79.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman"><B>Net loss</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(744,842</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(3,737,959</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Adjustments to reconcile net loss to net cash used in operating activities:</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>71,318</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>36,519</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Gain on settlement of debt</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(64,647</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Stock based compensation</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>403,070</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Stock issued for services</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>40,000</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Interest expense related to debt discounts of notes payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,064,086</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Warrant derivative gain</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(1,901,219</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:40px; text-indent:-8px; font-family:Calibri,Times New Roman">Changes in assets and liabilities:</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:56px; text-indent:-8px; font-family:Calibri,Times New Roman">Accounts receivable</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(1,093,143</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(326,160</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:56px; text-indent:-8px; font-family:Calibri,Times New Roman">Contract assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>76,228</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>131,587</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:56px; text-indent:-8px; font-family:Calibri,Times New Roman">Prepaid expenses and other current assets</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>58,934</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>207,936</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:56px; text-indent:-8px; font-family:Calibri,Times New Roman">Accounts payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>168,692</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>622,946</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:56px; text-indent:-8px; font-family:Calibri,Times New Roman">Accounts payable-related party</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>875</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,238</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:56px; text-indent:-8px; font-family:Calibri,Times New Roman">Payroll taxes payable</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>50,671</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>734,190</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:56px; text-indent:-8px; font-family:Calibri,Times New Roman">Accrued expenses</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>17,523</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>455,780</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:56px; text-indent:-8px; font-family:Calibri,Times New Roman">Contract liabilities</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,057,747</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>23,221</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:56px; text-indent:-8px; font-family:Calibri,Times New Roman">Deferred revenue</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(159,532</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(333,626</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net cash used in operating activities</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(92,459</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(1,046,108</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">Cash flows from investing activities:</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Software development costs</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(60,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Purchase of patents/trademarks</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(5,500</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Purchase of fixed assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(157,804</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(22,549</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net cash used in investing activities</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(223,304</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(22,549</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">Cash flows from financing activities:</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Bank overdraft</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>688</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Repayments of line of credit</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(2,997</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Repayments of related party notes</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(48,215</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(19,911</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Repayments of insurance and equipment financing</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(197,792</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(153,496</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Repayments of notes payable</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(172,500</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Proceeds from warrants exercised</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>195,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Proceeds of notes payable, net of 185,250 cash fees</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,239,750</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net cash (used in) provided by financing activities</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(54,004</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>894,531</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Net decrease in cash</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(369,767</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>(174,126</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Cash, beginning of period</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,941,818</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>174,376</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman"><B>Cash, end of period</B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,572,051</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>250</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman"><B><U>Supplemental Disclosure of Cash Flow Information:</U></B></P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Interest paid</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>7,411</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>110,919</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; font-family:Calibri,Times New Roman"><B><U>Supplemental Non-Cash Investing and Financing Activities:</U></B></P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Common stock issued for accrued BOD fees</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>73,708</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Accrued interest forgiven related to note payable settlement</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>20,697</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCFFCC" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Debt discount related to notes payable</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>&#151;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,571,250</P>
</TD><TD style="margin-top:0px; background-color:#CCFFCC; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px; text-indent:-8px; font-family:Calibri,Times New Roman">Note issued for financing of insurance premiums</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>217,173</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">$</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=72><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>208,201</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #FFFFFF" valign=bottom width=7.2><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</BODY>
<!-- EDGAR Validation Code: CC9B106B -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>duot_ex99z2.htm
<DESCRIPTION>SCRIPT OF EARNINGS CALL
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Script of Earnings Call</TITLE>
<META NAME="author" CONTENT="EDGAR FILING LLC">
<META NAME="date" CONTENT="11/16/2018">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=92.4 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Client: Duos Technologies, Inc. </B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; font-family:Courier New" align=right>1</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Transcription Ref: K6529465</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Date: 15<SUP>th</SUP> November 2018 @ 11.00 EST</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.4><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"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=192 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px">Transcriber&#146;s name:</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">Michelle R.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>Transcriber&#146;s Notes:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Please find attached your transcript for the above referenced conference call.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>Whilst every effort is made to ensure that the attached transcript is an accurate record of your taped conference call, sometimes difficulties are encountered in understanding technical words, people speaking with a foreign accent and in some cases when somebody is speaking from a crowded room with a lot of background noise and from mobile phones.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>Where we have had difficulty understanding words we have indicated this as <I>[indiscernible],</I> or simply attempted to spell the word phonetically but follow it with [ph].</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>Additionally, please note, whilst we try to be as accurate as possible when inserting the names of speakers we would suggest that they are checked.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=199.2 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Conference call</B></P>
</TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px" align=right><B>TTIrequests@btci.com </B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=92.4 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Client: Duos Technologies, Inc. </B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; font-family:Courier New" align=right>2</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Transcription Ref: K6529465</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Date: 15<SUP>th</SUP> November 2018 @ 11.00 EST</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">START OF RECORDING</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=192 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px">Attendance List:</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify>Gianni Arcaini &#150; Chairman and Chief Executive Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0px; padding-left:192px" align=justify>Adrian Goldfarb &#150; Chief Financial Officer</P>
<P style="margin:0px; padding-left:192px" align=justify>David Ponevac &#150; Chief Technology Officer</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=192 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px">Title of Meeting:</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify>Q3 2018 Earnings Call</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=192 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px">Hosted By:</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify>Gianni Arcaini</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=192 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px">Coordinator</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify>Good morning. Welcome to Duos Technologies&#146; Third Quarter 2018 Earnings Conference Call. Joining us for today&#146;s call are Duos&#146; Chairman and CEO, Gianni Arcaini; CFO, Adrian Goldfarb; and CTO, David Ponevac.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Following their remarks we will open up the call for questions. Then before we conclude today&#146;s call I will provide the necessary cautions regarding forward-looking statements made by management during this call.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Now I&#146;d like to turn the call over to Duos&#146; Chairman and CEO, Gianni Arcaini. Sir, please proceed.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=192 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px">G. Arcaini</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify>Thank you very much, Ian. Welcome, everyone and thank you for joining us. Yesterday morning we issued a press release announcing our financial results for the third quarter ended September 30 and other highlights. A copy of the press release will be available in the Investor Relations section of our website.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Now before we begin with the discussion of our results, I&#146;d like to take a few minutes, as we always do, to provide a brief overview of who we are and what we do, particularly for those of you who may be less familiar with our company.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>At Duos we provide advanced intelligent security and analytical technology solutions. In simple terms, we create custom, flexible and highly sophisticated technology solutions for our wide range of customers. We focus on improving the business processes to ultimately provide a measurable return on the investment.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>To that end, we have, and continue to develop, a broad range of proprietary state-of-the-art and patented technologies which we typically deploy as turnkey systems. These advanced tools include machine-learning and other forms of artificial intelligence as well as advanced video analytics, which we deliver through a combination of our image capture portals, back end middleware and customer-facing software platforms branded as Praesidium and Centraco.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=199.2 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Conference call</B></P>
</TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px" align=right><B>TTIrequests@btci.com </B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=92.4 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Client: Duos Technologies, Inc. </B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; font-family:Courier New" align=right>3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Transcription Ref: K6529465</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Date: 15<SUP>th</SUP> November 2018 @ 11.00 EST</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Our chief focus is on mission critical security inspection and operations, and our target markets are in the rail transportation, retail distribution as well as in the critical infrastructure security and the law enforcement sectors. We estimate that the total addressable market opportunity in our combined core target markets exceeds $100 billion.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>In addition to our strength in technology development, one major differentiator is that our technologies do not require a change in our customers&#146; business practices or processes. A significant aspect of our core platforms is the adaptability to various verticals requiring very little adjustments to our core code. Our diversified long-term market strategy is designed to significantly minimize cyclical market segment vulnerabilities.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>With that overview now complete, I&#146;d like to provide a brief summary of our results. Simply put, we believe Q3 was a phenomenal quarter for us. We delivered yet another record financial performance and continued to make significant operational progress in our long-term growth plan. Most notably, we grew total revenues 388%, to a record $5.1 million for the quarter, and improved gross profit by more than 500% over the prior year, both of which contributed to our first profitable quarter since significantly altering the focus of our business.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Combined with our efforts last quarter, which included the opening of our new engineer and operations facility that is now up and running, as well as the additional several key executives to our management team, we now have the tools and the talent to take our success to new heights. As the next step in that process, during the third quarter we successfully completed a number of major deliverables and finalized a few key developments, which I plan to highlight later in our presentation.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Where we are, of course focused on generating and accelerating new business. We have remained dedicated to providing superior quality in our products, as evidenced in some of our recent announcements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>However, before I go any further into these highlights and updates, I&#146;m going to turn the call over to our CFO, Adrian Goldfarb, who will walk us through the financial results for the third quarter. After Adrian&#146;s presentation I will further discuss our recent progress during the quarter, before finishing with a brief update on our outlook for the remainder of the year and for 2019. Adrian?</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=199.2 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Conference call</B></P>
</TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px" align=right><B>TTIrequests@btci.com </B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=92.4 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Client: Duos Technologies, Inc. </B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; font-family:Courier New" align=right>4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Transcription Ref: K6529465</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Date: 15<SUP>th</SUP> November 2018 @ 11.00 EST</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=192 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px">A. Goldfarb</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify>Thank you, Gianni. Before getting into my discussion of the third quarter&#146;s results, I would like to remind listeners of certain changes that have been implemented in our financial reporting. The Financial Accounting Standards Board, or FASB, gives guidance to issuers for reporting financial results through Accounting Standards Codification, or ASC. As I have mentioned on previous calls, our company adopted ASC 606 covering revenue recognition for contracts with customers in the first quarter of 2018. Specifically, where previously we reported revenues on a percentage completion basis, we have refined and adjusted our reporting to conform with the new standard using the input method, which recognizes revenue based on costs incurred until delivery to the customer.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>As also stated in previous calls, we believed that this would have a minimal impact on our reported revenues for 2018, and I&#146;m pleased to report that for this quarter and for the first nine months of the year, our results are directly comparable to equivalent periods in 2017. I would like to stress that our financial reporting continues to give an accurate reflection of the overall performance of the business.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Now turning to our financial results for the third quarter ended September 30, 2018. Total revenue increased 388%, to a record $5.1 million from $1 million for the same period in the prior year. The significant increase in total revenue was driven by an increase in project revenues and maintenance and technical support, but was offset by decreased asset management services revenues. The increase in project revenue is a result of our ongoing introduction of new offerings, including intelligent analytics and machine-learning and transition from traditional legacy security-centric offerings.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Gross profit increased 501% to $2.3 million or 46% of total revenue, compared to $387,000 or 37% of total revenue in Q3 of last year. Although earlier quarters were impacted by certain accounting changes related to the implementation of ASC 606, this quarter and the associated nine-month period are directly comparable to equivalent periods in 2017. We do not anticipate these prior variances will be a factor going forward when comparing equivalent periods.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Turning to our costs, operating expenses increased 44%, to $1.7 million from $1.2 million in Q3 of last year. The increase in operating expenses was mainly due to an increase in resources related to the significant increase in revenues for the period, as I just mentioned.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Selling and marketing, as well as R&amp;D, both increased in line with our investment in resources to grow the business. The increase in full-time and contract labour was higher during the period due to an increase in number of employees and additional contract expenses related to the overall significant increase in revenues.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=199.2 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Conference call</B></P>
</TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px" align=right><B>TTIrequests@btci.com </B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=92.4 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Client: Duos Technologies, Inc. </B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; font-family:Courier New" align=right>5</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Transcription Ref: K6529465</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Date: 15<SUP>th</SUP> November 2018 @ 11.00 EST</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>From a profitability standpoint, I&#146;m encouraged to report that we had positive GAAP net income in the quarter totalling $633,000, or $0.02 per share on a fully diluted basis. This is an improvement from a net loss of $125,000 or a loss of $0.07 per diluted share in the third quarter of 2017. The improvement in net income was primarily attributable to the overall increase in revenues mentioned previously.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Let&#146;s now discuss the balance sheet. As of September 30, 2018 we had $1.6 million in cash and cash equivalents as well as net receivables of approximately $1.4 million, which we expect payment within the next 30 to 45 days. As I mentioned on our previous call, we expect that our capital raise late last year gives us sufficient runway to execute on our business plan in 2018, and we do not expect to need to raise funds for our current operations in the foreseeable future.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>We remain comfortable with our financial position and anticipate continuing improvement in our balance sheet through the remainder of the year and beyond. In addition to our stable cash position, we now have positive working capital and shareholders&#146; equity.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>And finally, shifting gears to our outlook for the fiscal year ending December 31, 2018, based on our financial performance to date along with our current pipeline of business, we are again raising our revenue guidance by another 9%. We now expect total revenue to be $11 million, which would represent a 183% increase from the $3.9 million reported in 2017.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>It&#146;s worth mentioning that our guidance is based on already recognized revenues as well as numerous contracts in backlog that are already performing and scheduled to be executed before the end of this year. We are currently reviewing our backlog for 2019, and Gianni will address our initial outlook going forward.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>This completes my financial summary. I&#146;d now like to turn the call back over to Gianni for additional insights into our recent operational progress as well as our outlook for the remainder of 2018. Gianni?</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=192 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px">G. Arcaini</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify>Thank you, Adrian. Building on my earlier remarks, 2018 has been the beginning of what we anticipate will be a transformative period for our company. With our performance for Q2 and now Q3, we have established significant growth momentum that we plan to build on through the balance of this year and for the foreseeable future. For the purpose of today&#146;s call, my remarks will be limited to recent updates so that we can get right to questions and answers.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>First, I&#146;d like to expand on a few key wins from the third quarter and more recently. As you may have seen, in September we were awarded a software license and application model agreement from a leading North American Class 1 transportation logistics company. Under the terms of that agreement, Duos will be developing enhanced inspection algorithms, which cover the development and licensing of 17 artificial intelligence based detection algorithm models.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=199.2 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Conference call</B></P>
</TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px" align=right><B>TTIrequests@btci.com </B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=92.4 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Client: Duos Technologies, Inc. </B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; font-family:Courier New" align=right>6</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Transcription Ref: K6529465</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Date: 15<SUP>th</SUP> November 2018 @ 11.00 EST</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>More specifically, this agreement allows rail operators working for this customer to deploy our sophisticated algorithms to optimize and automate a lot of what is currently done manually. Once used, we expect these algorithms to first [ph] multiply and streamline their overall inspection process. Our technology will enable rail operators to increase the speed and accuracy by which potential mechanical defects can be identified as well as collected.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>All algorithms we will develop are adapted to multiple customers, without requiring any code modification. For Duos, this project will enable us to further demonstrate how significantly our automated inspection strategies can impact rail operations in general, and in particular the safety and efficiency of traditional mechanical inspection practices.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Additionally, at the end of October we were awarded a contract for installation of our Praesidium and Centraco systems from a regional bank with a national footprint. When completed, Duos will provide comprehensive security solutions at 14 of the banks&#146; sites across the United States. Development will include 19 separate projects overall and carries a total contract value of approximately a million.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>While we are indeed focused intently on winning new business, we are also continuing to devote a significant amount of time and attention on enhancing our current products. To that end, this quarter we made a few announcements that I&#146;d like to highlight here.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Earlier this month we were awarded our 10<SUP>th</SUP> patent, which covers our Linear Speed Sensor technology, as we like to call it. On a very basic level, the LSS provides light and speed information of rolling stock passing our portal. With an accuracy of 0.01 miles per hour, this LSS information enables the precise taking of thousands of one single-pixel wide image segments into an accurate, high definition, panoramic image of an entire train. Without it, images would appear compressed or scratched, reducing the effectiveness of both operator inspection and algorithmic detection of mechanical issues.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>The LSS has undergone extensive field testing, and we believe it is an important underlying technology as we continue in the advancement of our AI capabilities.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Beyond product enhancement, however, [indiscernible &#150; 43:28] build out and enhance our operations on a logistical level as well. As we mentioned last quarter, our new operations center is now up and running. This new 4,400 square foot facility is located just a few minutes from our headquarters, and is now home to our expanded engineering and operations staff. The facility also serves as our product research testing and demonstration center.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=199.2 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Conference call</B></P>
</TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px" align=right><B>TTIrequests@btci.com </B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=92.4 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Client: Duos Technologies, Inc. </B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; font-family:Courier New" align=right>7</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Transcription Ref: K6529465</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Date: 15<SUP>th</SUP> November 2018 @ 11.00 EST</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>On a further positive note, while we are still filling some technical positions, we were able to identify and hire most of the necessary positions, increasing our headcount from approximately 40 in early 2018 to now about 50. With the new facility completed and a majority of the expanded team in place, we have been able to execute all projects to date, and we believe we&#146;ll now be able to meet the demand of larger orders we expect to receive. And the increased bandwidth and resources are expected to allow us to continue to develop new technologies that will drive greater, more diversified revenue streams.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>I&#146;m also pleased to share that we recently created a new division within our organization to focus on artificial intelligence. We expect that future technologies will rely significantly on enhancements provided by artificial intelligence. While our company has already established the capability of delivering machine-learning applications, we are still relying on third party AI platforms to provide certain analytics components. Licensing these self-learning applications is becoming more and more expensive, and such a dependency creates a potential risk of delays in delivery of our solutions.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>We have already identified the team who are expected to develop the IAI platform under the leadership of our CTO, David Ponevac. In fact, our Chief Technology Officer, David Ponevac is also on the line, and he will be able to field some of your questions if you have any technical questions.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>The division spearheaded by Mr. Ponevac will operate within our TruVue 360 subsidiary. We are contemplating funding the subsidiary under a separate funding structure, and we expect to share more details with you on our next call. We are very excited about this new venture, which we believe adds significant synergy to all our product offerings.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Let&#146;s talk a little bit about our outlook. As Adrian mentioned, with our continued success in Q3 and now into the current quarter, we are again in a position to increase our full year revenue outlook. We now expect to record at least $11 million in revenues for 2018, which will represent a 183% increase over last year.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>As we have said on previous calls, we like to be conservative when providing guidance, recognizing the importance of executing on the plan we have laid out for ourselves. Just to be sure, the $11 million is based on our current results to date as well as contracts currently in our backlog that we are already performing as well as pending purchase orders we expect to receive which are scheduled to be executed between now and the end of this year.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=199.2 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Conference call</B></P>
</TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px" align=right><B>TTIrequests@btci.com </B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=92.4 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Client: Duos Technologies, Inc. </B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; font-family:Courier New" align=right>8</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Transcription Ref: K6529465</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Date: 15<SUP>th</SUP> November 2018 @ 11.00 EST</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>In addition, based on current and pending orders, we are giving preliminary revenue guidance for 2019 of between $14 million and $15 million. We will refine that number after the next earnings call. We plan to provide additional details early next year about the 2019 outlook.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>To close, we believe Duos is in the best position it&#146;s ever been, and we now have the resources team and plan in place to build on our initial success and take our operational and financial performance to the next level. Going forward, we believe our future is very bright and the opportunity is abundant. We have been executing our strategy to systemically scale our business, which we believe will drive shareholder value over the long term.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>With that, we are ready to open the call to your questions. Operator, please provide the appropriate instructions.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=192 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px">Coordinator</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify>Thank you. [Operator instructions].</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=192 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px">G. Arcaini</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify>Okay.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=192 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px">Coordinator</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify>At this time, this concludes our question and answer session. I would now like to turn the call back over to Mr. Arcaini for his closing remarks.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=192 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px">G. Arcaini</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify>Again, thank you very much for participating on this call. I hope you are equally excited as we are. We are very bullish with our future and hope to see you sometime soon. Thank you very much. Operator, you can complete the call now.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=192 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=192><P style="margin:0px">Coordinator</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify>Before we conclude today&#146;s call, I would like to provide the US Safe Harbor Statement that includes important cautions regarding forward-looking statements made during this call.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>This earnings call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking terminology, such as belief, expect, may, will, should, anticipate, plans and their opposites or similar expressions are intended to identify forward-looking statements. We caution you that these statements are not guarantees of future performance or events and are subject to a number of risks, uncertainties and other influences, many of which are beyond our control, which may influence the accuracy of statements and the projections upon which the statements are based and could cause Duos Technologies Group&#146;s actual results to differ materially from those anticipated by the forward-looking statements.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=199.2 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Conference call</B></P>
</TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px" align=right><B>TTIrequests@btci.com </B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-bottom:9.6px; padding-top:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=92.4 /></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Client: Duos Technologies, Inc. </B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; font-family:Courier New" align=right>9</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Transcription Ref: K6529465</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>Date: 15<SUP>th</SUP> November 2018 @ 11.00 EST</B></P>
</TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=92.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>These risks and uncertainties include, but are not limited to, those described in Item 1a in Duos&#146; annual report Form 10-K which is expressly incorporated herein by reference, and other factors that could be described in Duos&#146; filing with the SEC.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify>Thank you for joining us today for Duos Technologies Group&#146;s Third Quarter 2018 Earnings Conference Call. You may now disconnect.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:192px" align=justify><I>[END OF CALL]</I></P>
<P style="margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin:0px; font-size:12pt">&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=199.2 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px" align=justify><B>BT Conference call</B></P>
</TD><TD style="margin-top:0px" valign=top width=199.2><P style="margin:0px" align=right><B>TTIrequests@btci.com </B></P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin:0px"><BR>
<BR></P>
</BODY>
<!-- EDGAR Validation Code: E6B6C51E -->
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
