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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001104659-01-502892.txt : 20020410
<SEC-HEADER>0001104659-01-502892.hdr.sgml : 20020410
ACCESSION NUMBER:		0001104659-01-502892
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010930
FILED AS OF DATE:		20011113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FULL HOUSE RESORTS INC
		CENTRAL INDEX KEY:			0000891482
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				133391527
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10QSB
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20630
		FILM NUMBER:		1783365

	BUSINESS ADDRESS:	
		STREET 1:		2300 WEST SAHARA AVE
		STREET 2:		SUITE 450 BOX 23
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89102
		BUSINESS PHONE:		7022217800

	MAIL ADDRESS:	
		STREET 1:		2300 WEST SAHARA AVE
		STREET 2:		SUITE 450 BOX 23
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89102
</SEC-HEADER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<FILENAME>j2237_10qsb.htm
<DESCRIPTION>10QSB
<TEXT>
<html>



<head>



<title>Prepared by MERRILL CORPORATION</title>



</head>



<body link="blue" vlink="purple">



<div class="Section1">



<div style="border:none;border-top:double windowtext 9.0pt;padding:0in 0in 0in 0in">



<p style="border:none;font-size:18.0pt;font-weight:bold;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></b></p>



</div>



<p style="font-size:18.0pt;font-weight:bold;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="5" face="Times New Roman"><font style="font-size:18.0pt">U.S. SECURITIES AND EXCHANGE COMMISSION</font></font></b></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">WASHINGTON,

D.C. 20549</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<h5 style="font-size:18.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman"><font style="font-size:18.0pt">FORM 10&#150;QSB</font></font></b></h5>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="100%" style="width:100.0%;

 border-collapse:collapse;">

 <tr>

  <td width="4%" valign="top" style="width:4.76%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="3" face="Wingdings"><font style="font-size:12.0pt;font-family:Wingdings;font-weight:bold">&#253;</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="93%" valign="top" style="width:93.44%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="3" face="Times New Roman"><font style="font-size:12.0pt;font-weight:bold">QUARTERLY REPORT UNDER SECTION 13

  OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD

  ENDED SEPTEMBER 30, 2001.</font></font></b></p>

  </td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<h6 style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt">OR</font></font></b></h6>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="100%" style="width:100.0%;

 border-collapse:collapse;">

 <tr>

  <td width="4%" valign="top" style="width:4.54%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:12.0pt;font-weight:bold;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font size="3" face="Wingdings"><font style="font-size:12.0pt;font-family:Wingdings;">o</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.82%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:12.0pt;font-weight:bold;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;">&nbsp;</p>

  </td>

  <td width="93%" valign="top" style="width:93.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:12.0pt;font-weight:bold;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font size="3" face="Times New Roman"><font style="font-size:12.0pt">TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES

  EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________________</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="width:4.54%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:12.0pt;font-weight:bold;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.82%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:12.0pt;font-weight:bold;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;">&nbsp;</p>

  </td>

  <td width="93%" valign="top" style="width:93.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:12.0pt;font-weight:bold;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font size="3" face="Times New Roman"><font style="font-size:12.0pt">TO ______________.</font></font></b></p>

  </td>

 </tr>

</table>



<p style="font-size:12.0pt;font-weight:bold;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><b><font size="3" face="Times New Roman"><font style="font-size:12.0pt">&nbsp;</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt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
60;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold">Commission File No.<u>&#160;&#160;&#160; 0&#150;20630&#160;&#160;&#160; </u></font></b></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="5" face="Times New Roman"><font style="font-size:18.0pt;">&nbsp;</font></font></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="5" face="Times New Roman"><font style="font-size:18.0pt;

font-weight:bold">FULL HOUSE RESORTS, INC.</font></font></b></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(Exact name of small business issuer as specified in

its charter)</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<div align="center">



<table width="100%" style="width:100.0%;

 border-collapse:collapse;">

 <tr>

  <td width="49%" valign="top" style="width:49.1%;padding:0in .7pt .7pt .7pt">

  <h6 style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Delaware</font></font></b></h6>

  </td>

  <td width="1%" valign="bottom" style="width:1.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="width:49.1%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">13&#150;3391527</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="width:49.1%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(State or other

  jurisdiction of incorporation or organization)</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="width:49.1%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(I.R.S. Employer

  Identification No.)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="width:49.1%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="width:49.1%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="width:49.1%;padding:0in .7pt .7pt .7pt">

  <h6 style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">2300 W. Sahara Ave., Suite

  450,&#160; Box 23, Las Vegas,&#160; Nevada</font></font></b></h6>

  </td>

  <td width="1%" valign="bottom" style="width:1.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="width:49.1%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">89102</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="49%" valign="top" style="width:49.1%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(Address of

  principal executive offices)</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="49%" valign="top" style="width:49.1%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(zip code)</font></font></p>

  </td>

 </tr>

</table>



</div>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:5.5in;margin-right:0in;margin-top:0in;text-indent:-5.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">(702) 221&#150;7800</font></font></b></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(Registrant's telephone number)</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Check whether the issuer

(1) filed all reports required to be filed by Section 13 or 15(d) of the

Securities Exchange Act of 1934 during the past 12 months (or for such shorter

period that the registrant was required to file such reports), and (2) has been

subject to such filing requirements for the past 90 days.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Yes </font></font><font face="Wingdings"><font style="font-family:Wingdings;">&#253;</font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No <font face="Wingdings"><font style="font-family:Wingdings;">o</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">APPLICABLE

ONLY TO CORPORATE ISSUERS</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">As of November 10, 2001,

Registrant had 10,340,380 shares of its $.0001 par value common stock outstanding.</font></font></p>



<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in">



<p style="border:none;font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



</div>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



</div>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always;">

</font></font>



<div class="Section2">



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">FULL

HOUSE RESORTS, INC.</font></font></b></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">TABLE OF

CONTENTS</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="100%" style="width:100.0%;

 border-collapse:collapse;">

 <tr>

  <td width="12%" valign="top" style="width:12.14%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="width:9.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="71%" colspan="2" valign="top" style="width:71.08%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.56%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="12%" valign="top" style="width:12.14%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="width:9.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  </td>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">PART I.</font></font></p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Financial Information</font></font></p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Item 1.</font></font></p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Unaudited Condensed Consolidated Financial

  Statements</font></font></p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt"><a href="#UnauditedCondensedConsolidatedBalance" title="Click to goto UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS">Unaudited

  Condensed Consolidated Balance Sheets as of September 30, 2001 and December

  31, 2000</a></font></font></p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt"><a href="#ThreeMonthsEndedSeptember30" title="Click to goto THREE MONTHS ENDED SEPTEMBER 30">Unaudited Condensed

  Consolidated Statements of Operations for the three months ended September

  30, 2001 and 2000</a></font></font></p>

  </td>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt"><a href="#Ninemonthsendedseptember30" title="Click to goto NINE MONTHS ENDED SEPTEMBER 30,">Unaudited Condensed Consolidated

  Statements of Operations for the nine months ended September 30, 2001 and

  2000</a></font></font></p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt"><a href="#Unauditedcondensedconsolidatedcashflo" title="Click to goto UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ">Unaudited

  Condensed Consolidated Statements of Cash Flows for the nine months ended

  September 30, 2001 and 2000</a></font></font></p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt"><a href="#NotesToUnauditedCondensedConsolidate" title="Click to goto NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ">Notes

  to Unaudited Condensed Consolidated Financial Statements</a></font></font></p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt"><a href="#Item2_ManagementsDiscussionAndAna" title="Click to goto Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations.">Item

  2.</a></font></font></p>

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  Discussion and Analysis of Financial Condition and Results of Operations</a></font></font></p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt"><a href="#PartIi" title="Click to goto PART II ">PART

  II.</a></font></font></p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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 </tr>

 <tr>

  <td width="12%" valign="top" style="width:12.14%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="width:9.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="71%" colspan="2" valign="top" style="width:71.08%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.56%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="88" style="border:none"></td>

  <td width="67" style="border:none"></td>

  <td width="512" style="border:none"></td>

  <td width="2" style="border:none"></td>

  <td width="55" style="border:none"></td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">FULL HOUSE RESORTS, INC. AND

SUBSIDIARIES</font></font></b></p>



<h4 align="left" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:left;text-decoration:underline;"><a name="UnauditedCondensedConsolidatedBalance"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;text-decoration:

none;">UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS</font></font></b></a></h4>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="100%" style="width:100.0%;

 border-collapse:collapse;">

 <tr>

  <td width="56%" valign="bottom" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;font-weight:bold;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt">ASSETS</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">SEPTEMBER 30,</font></font></b></p>

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">2001</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  font-weight:bold">&nbsp;</font></font></b></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">DECEMBER 31,</font></font></b></p>

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">2000</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  font-weight:bold">&nbsp;</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">CURRENT

  ASSETS:</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Cash

  and cash equivalents</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" style="width:17.8%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">279,083</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" style="width:17.8%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">455,143</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Receivables</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">315,693</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Prepaid

  expenses</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">149,765</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">92,804</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Total

  current assets</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">744,541</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">547,947</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">LAND

  HELD FOR DEVELOPMENT</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,472,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4,621,670</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.1pt;margin-right:0in;margin-top:6.0pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">FIXTURES

  AND EQUIPMENT, net</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">29,020</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">47,202</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.1pt;margin-right:0in;margin-top:6.0pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">INVESTMENTS

  IN JOINT VENTURES</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">352,138</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">3,192,634</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.1pt;margin-right:0in;margin-top:6.0pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">GOODWILL,

  net</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">379,713</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.1pt;margin-right:0in;margin-top:6.0pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">NOTES

  RECEIVABLE</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">957,291</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,667,269</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.1pt;margin-right:0in;margin-top:6.0pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">GAMING

  CONTRACT RIGHTS, net</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">5,453,594</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.1pt;margin-right:0in;margin-top:6.0pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">DEFERRED

  TAX ASSET</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,491,925</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">294,900</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">DEPOSITS

  AND OTHER ASSETS</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">14,782</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,701,344</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">TOTAL</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;border:none;border-bottom:

  double windowtext 1.5pt;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" style="width:17.8%;border-top:solid windowtext .5pt;

  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">11,515,291</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;border:none;border-bottom:

  double windowtext 1.5pt;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" style="width:17.8%;border-top:solid windowtext .5pt;

  border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">13,452,679</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">LIABILITIES

  AND STOCKHOLDERS' EQUITY</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.1pt;margin-right:0in;margin-top:6.0pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">CURRENT

  LIABILITIES:</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Accounts

  payable</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" style="width:17.8%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">16,265</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" style="width:17.8%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">18,106</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Payable

  to joint ventures</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">27,831</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Current

  portion of long-term debt</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">3,000,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Accrued

  expenses</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">141,849</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">182,024</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Total

  current liabilities</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;border:none;

  border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">3,158,114</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;border:none;

  border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">227,961</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">LONG&#150;TERM

  DEBT, net of current portion</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">900,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">3,150,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">COMMITMENTS

  AND CONTINGENCIES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.1pt;margin-right:0in;margin-top:6.0pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">STOCKHOLDERS'

  EQUITY:</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.2pt;margin-right:0in;margin-top:6.0pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Cumulative

  preferred stock, par value $.0001, 5,000,000 shares authorized; 700,000

  shares issued and outstanding; aggregate liquidation preference of $4,042,500

  and $3,885,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">70</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp; &nbsp; &nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">70</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp; &nbsp; &nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Common

  stock, par value $.0001, 25,000,000 shares authorized; 10,340,380 shares

  issued and outstanding</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,034</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp; &nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,034</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp; &nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Additional

  paid in capital</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">17,429,889</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">17,429,889</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Accumulated

  deficit</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(9,973,816</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.72%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(7,356,275</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Total

  stockholders' equity</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;border:none;

  border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">7,457,177</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.72%;border:none;

  border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">10,074,718</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.04%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">TOTAL</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.92%;border:none;

  border-bottom:double windowtext 1.5pt;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" bgcolor="#cceeff" style="width:17.8%;

  border-top:solid windowtext .5pt;border-left:none;border-bottom:double windowtext 1.5pt;

  border-right:none;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">11,515,291</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" bgcolor="#cceeff" style="width:.92%;border:none;

  border-bottom:double windowtext 1.5pt;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" bgcolor="#cceeff" style="width:17.8%;

  border-top:solid windowtext .5pt;border-left:none;border-bottom:double windowtext 1.5pt;

  border-right:none;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">13,452,679</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.04%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">See notes to

unaudited condensed consolidated financial statements.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">FULL HOUSE RESORTS, INC. AND

SUBSIDIARIES</font></font></b></p>



<p style="font-size:10.0pt;font-weight:bold;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-decoration:underline;"><b><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">UNAUDITED CONDENSED

CONSOLIDATED STATEMENTS OF OPERATIONS</font></font></u></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="3" face="Times New Roman"><font style="font-size:12.0pt;font-weight:bold">&nbsp;</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="100%" style="width:100.0%;

 border-collapse:collapse;">

 <tr>

  <td width="58%" valign="bottom" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="37%" colspan="5" valign="bottom" style="width:37.0%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><a name="ThreeMonthsEndedSeptember30"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">THREE MONTHS ENDED</font></font></b></a></p>

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">SEPTEMBER

  30</font></font></b><b><font style="font-weight:bold">,</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.46%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">2001</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.48%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">2000</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">OPERATING

  REVENUES:</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Joint

  ventures</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="16%" valign="bottom" style="width:16.54%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">911,025</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="16%" valign="bottom" style="width:16.56%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,132,115</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Management

  fees</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">628,071</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Total

  operating revenues</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.46%;border:none;

  border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,539,096</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.48%;border:none;

  border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,132,115</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">OPERATING

  COSTS AND EXPENSES:</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.46%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Joint

  venture pre-opening costs</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">255,188</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Development

  costs</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.46%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">408,586</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">General

  and administrative</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">388,908</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">464,314</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Impairment</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.46%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4,593,800</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Depreciation

  and amortization</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">187,971</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">132,634</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Total

  operating costs and expenses</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.46%;border:none;

  border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">5,579,265</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.48%;border:none;

  border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">852,136</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.1pt;margin-right:0in;margin-top:6.0pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">INCOME

  (LOSS) FROM OPERATIONS</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(4,040,169</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">279,979</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.46%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Interest

  expense</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(75,216</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(84,257</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Interest

  and other income</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.46%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,235</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.48%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,460</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">INCOME

  (LOSS) BEFORE INCOME TAXES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.46%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(4,113,150</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">198,182</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">INCOME

  TAX BENEFIT (PROVISION)</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.46%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,349,589</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.48%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(137,989</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">NET

  INCOME (LOSS)</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.46%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(2,763,561</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">60,193</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Less,

  undeclared dividends on cumulative preferred stock</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.46%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">52,500</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.48%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">52,500</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">NET

  INCOME (LOSS) APPLICABLE TO COMMON SHARES</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="16%" valign="bottom" style="width:16.54%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(2,816,061</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="16%" valign="bottom" style="width:16.56%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">7,639</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">NET

  INCOME (LOSS) PER COMMON SHARE, Basic and Diluted</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="16%" valign="bottom" style="width:16.54%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(0.27</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="16%" valign="bottom" style="width:16.56%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">0.00</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" bgcolor="#cceeff" style="width:58.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.46%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:17.48%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="58%" valign="top" style="width:58.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Weighted

  average number of common shares Outstanding, Basic and Diluted</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.46%;border:none;

  border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">10,340,380</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp; &nbsp;</font></font></p>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="width:17.48%;border:none;

  border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">10,340,380</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp; &nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:413.25pt;margin-right:0in;margin-top:0in;text-indent:-413.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:413.25pt;margin-right:0in;margin-top:0in;text-indent:-413.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:413.25pt;margin-right:0in;margin-top:0in;text-indent:-413.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:413.25pt;margin-right:0in;margin-top:0in;text-indent:-413.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:413.25pt;margin-right:0in;margin-top:0in;text-indent:-413.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">See notes to

unaudited condensed consolidated financial statements.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">FULL HOUSE RESORTS, INC. AND SUBSIDIARIES</font></font></b></p>



<h4 align="left" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:left;text-decoration:underline;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;text-decoration:none;">UNAUDITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</font></font></b></h4>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="100%" style="width:100.0%;

 border-collapse:collapse;">

 <tr>

  <td width="56%" valign="bottom" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="39%" colspan="5" valign="bottom" style="width:39.5%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><a name="Ninemonthsendedseptember30"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  font-weight:bold">NINE MONTHS ENDED</font></font></b></a></p>

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">SEPTEMBER 30,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.76%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">2001</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.8%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">2000</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">OPERATING

  REVENUES:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Joint

  ventures</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" style="width:17.84%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,717,790</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" style="width:17.88%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,899,428</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Management

  fees</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,221,496</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Total

  operating revenues</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.76%;border:none;

  border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">3,939,286</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.8%;border:none;

  border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,899,428</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">OPERATING

  COSTS AND EXPENSES:</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.76%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.8%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Joint

  venture pre-opening costs</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">122,441</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">512,781</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Development

  costs</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.76%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">855,519</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.8%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">General

  and administrative</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,267,827</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,389,301</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Impairment</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.76%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4,593,800</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.8%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Depreciation

  and amortization</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">503,369</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">398,249</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Total

  operating costs and expenses</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.76%;border:none;

  border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">7,342,956</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.8%;border:none;

  border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,300,331</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">INCOME

  (LOSS) FROM OPERATIONS</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(3,403,670</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">599,097</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.76%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.8%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Interest

  expense</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(234,900</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(249,563</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Interest

  and other income</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.76%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">8,416</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.8%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">8,364</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">INCOME

  (LOSS) BEFORE INCOMES TAXES</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.76%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(3,630,154</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.8%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">357,898</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">INCOME

  TAX BENEFIT (PROVISION)</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.76%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,012,613</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.8%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(333,011</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">NET

  INCOME (LOSS)</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.76%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(2,617,541</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.8%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">24,887</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Less,

  undeclared dividends on cumulative preferred stock</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.76%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">157,500</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.8%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">157,500</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">NET

  INCOME (LOSS) APPLICABLE TO COMMON SHARES</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" style="width:17.84%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(2,775,041</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" style="width:17.88%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(132,613</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">NET

  INCOME (LOSS) PER COMMON SHARE, Basic and Diluted</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" style="width:17.84%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(0.27</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="17%" valign="bottom" style="width:17.88%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(0.01</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" style="width:56.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Weighted

  average number of common shares</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.76%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.94%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="width:18.8%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="56%" valign="top" bgcolor="#cceeff" style="width:56.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Outstanding,

  Basic and Diluted</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.76%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">10,340,380</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.94%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="18%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:18.8%;

  border:none;border-bottom:double windowtext 1.5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">10,340,380</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.92%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:413.25pt;margin-right:0in;margin-top:0in;text-indent:-413.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:413.25pt;margin-right:0in;margin-top:0in;text-indent:-413.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:413.25pt;margin-right:0in;margin-top:0in;text-indent:-413.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:413.25pt;margin-right:0in;margin-top:0in;text-indent:-413.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">See notes to

unaudited condensed consolidated financial statements.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman';font-weight:bold"><br clear="all" style="page-break-before:

always">

</font></font></b>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">FULL HOUSE RESORTS, INC. AND

SUBSIDIARIES</font></font></b></p>



<h4 align="left" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:left;text-decoration:underline;"><a name="Unauditedcondensedconsolidatedcashflo"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;text-decoration:

none;">UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH

FLOWS</font></font></b></a></h4>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="100%" style="width:100.0%;

 border-collapse:collapse;">

 <tr>

  <td width="55%" valign="bottom" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="40%" colspan="5" valign="bottom" style="width:40.26%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">NINE MONTHS ENDED</font></font></b></p>

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">SEPTEMBER 30,</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">2001</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">2000</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">CASH

  FLOWS FROM OPERATING ACTIVITIES:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Net

  income (loss)</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="18%" valign="bottom" style="width:18.22%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(2,617,541</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="18%" valign="bottom" style="width:18.22%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">24,887</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Adjustments

  to reconcile net income (loss) to net cash provided by operating activities:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp; &nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp; &nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Depreciation

  and amortization</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">503,369</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">398,249</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Amortization

  of deferred compensation expense</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">41,580</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Impairment</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4,593,800</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Expired

  purchase option</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">250,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Equity

  in income of joint ventures</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(2,595,349</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(2,386,647</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Distributions

  from joint ventures</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,498,924</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,296,079</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:30.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Changes

  in operating assets and liabilities:</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:40.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Receivables</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(315,693</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">34,057</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:40.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Prepaid

  expenses</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(56,961</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(78,454</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:40.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Other

  assets</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(7,567</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(80,857</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:40.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Deferred

  taxes</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(1,197,025</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">206,801</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:40.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Accounts

  payable and accrued expenses</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(42,017</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">39,514</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:40.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Net

  cash provided by operating activities</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,013,940</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">495,209</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">CASH

  FLOWS FROM INVESTING ACTIVITIES:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Purchases

  of 50% joint venture interest</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(1,800,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Advances

  on note receivable</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(140,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Deposits

  on purchase options</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(75,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Receivables

  from joint ventures</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(135,938</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:40.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Net

  cash used in investing activities</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(1,940,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(210,938</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">CASH

  FLOWS FROM FINANCING ACTIVITIES:</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Proceeds

  from line of credit</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,800,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Repayment

  of line of credit</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(1,050,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(400,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:40.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Net

  cash provided by (used in) financing activities</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">750,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(400,000</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">NET

  DECREASE IN CASH AND CASH EQUIVALENTS</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(176,060</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(115,729</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">CASH

  AND CASH EQUIVALENTS, BEGINNING OF PERIOD</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">455,143</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" style="width:19.14%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">438,800</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" bgcolor="#cceeff" style="width:55.8%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="19%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:19.14%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.96%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="55%" valign="top" style="width:55.8%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">CASH

  AND CASH EQUIVALENTS, END OF PERIOD</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="18%" valign="bottom" style="width:18.22%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">279,083</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="0%" valign="bottom" style="width:.92%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="18%" valign="bottom" style="width:18.22%;border:none;border-bottom:

  double windowtext 1.5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">323,071</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="width:1.96%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">See notes to

unaudited condensed consolidated financial statements.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">FULL HOUSE RESORTS, INC. AND

SUBSIDIARIES</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<h2 align="left" style="font-size:11.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:left;"><a name="NotesToUnauditedCondensedConsolidate"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt">NOTES TO UNAUDITED

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></font></b></a></h2>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; SUMMARY OF SIGNIFICANT ACCOUNTING

POLICIES</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><b><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;

font-style:italic">Interim Condensed Consolidated Financial Statements -</font></font></i></b>

The interim condensed consolidated financial statements of Full House Resorts,

Inc. (the &quot;Company&quot;) included herein reflect all adjustments which

are, in the opinion of management, necessary to present fairly the financial

position and results of operations for the interim periods presented.&#160; All such adjustments are of a normal

recurring nature. Certain information and note disclosures normally included in

financial statements prepared in accordance with accounting principles

generally accepted in the United States of America have been omitted pursuant

to the rules and regulations of the Securities and Exchange Commission.</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">These unaudited

condensed consolidated financial statements should be read in conjunction with

the consolidated financial statements and notes thereto included in the

Company's Annual Report on Form 10&#150;KSB for the year ended December 31,

2000.&#160; The results of operations for the

period ended September 30, 2001 are not necessarily indicative of the results

to be expected for the year ending December 31, 2001.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><b><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;

font-style:italic">Consolidation &#150;</font></font></i></b> The unaudited

condensed consolidated financial statements include the accounts of the Company

and all its majority&#150;owned subsidiaries. <font style="letter-spacing:

- -.1pt">Prior to March 31, 2001, we had four joint ventures with GTECH that were

accounted for using the equity method.&#160;

On March 31, 2001 we purchased GTECH&#146;s 50% interest in three of these

ventures which are now wholly owned by the Company, and accordingly are no

longer accounted for using the equity method.</font>&#160; All material intercompany accounts and transactions have been

eliminated.</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><b><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;

font-style:italic">Reclassifications</font></font></i> - </b>Certain prior year

amounts have been reclassified to conform with the current year presentation.</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; RECENT ACCOUNTING PRONOUNCEMENTS</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p align="left" style="font-size:11.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">In July 2001, the

Financial Accounting Standards Board (&#147;FASB&#148;) issued SFAS No. 141, &#147;Business

Combinations&#148; and SFAS No. 142, &#147;Goodwill and Other Intangible Assets.&#148;&#160; SFAS 141 prohibits the pooling of interests

method of accounting for business combinations initiated after June 30,

2001.&#160; SFAS 142, which will be effective

for the Company in January 2002, requires, among other things, the

discontinuance of goodwill amortization.&#160;

In addition, the standard includes provisions for the reclassification

of certain existing intangibles as goodwill, reassessment of the useful lives

of existing intangibles, and ongoing assessments of potential impairment of

existing goodwill.</font></font></p>



<p align="left" style="font-size:11.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p align="left" style="font-size:11.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">As of September 30, 2001

our goodwill, net of accumulated amortization, had been reduced to zero. The

carrying value of the Hard Rock licensing and development rights have also been

reduced to zero as a result of the impairment provision discussed in Note 3.&#160; Other existing intangibles consist of net

Gaming Contract Rights of $5,453,594.&#160;

The Company has not yet determined the impact, if any, that this

statement will have on its consolidated financial position or results of

operations.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p align="left" style="font-size:11.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;">&nbsp;</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

- -.1pt">In June 2001, the FASB issued SFAS No. 143 &#147;Accounting for Asset

Retirement Obligations&#148; which addresses financial accounting and reporting for

obligations associated with the retirement of tangible long-lived assets and

the associated asset retirement costs.&#160;

This Statement applies to legal obligations associated with the

retirement of long-lived assets that result from the acquisition, construction,

development and / or normal operation, except for certain obligations of

lessees.&#160; This Statement is effective

for fiscal years beginning after June 15, 2002.&#160; The Company is assessing the impact of SFAS No. 143 on its

financial position and results of operations.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

- -.1pt">In August 2001, the FASB issued SFAS No. 144 &#147;Accounting for the

Impairment or Disposal of Long-Lived Assets&#148; which addresses financial

accounting and reporting for the impairment or disposal of long-lived assets

and supersedes FASB Statement No. 121, &#147;Accounting for the Impairment of

Long-Lived Assets and for Long-Lived Assets to Be Disposed Of.&#148;&#160;&#160; The provisions of this Statement are

effective for fiscal years beginning after December 15, 2001 and interim

periods within those fiscal years.&#160; The

Company is assessing the impact of SFAS No. 144 on its financial position and

results of operations.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;font-weight:bold">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; IMPAIRMENT</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

- -.1pt">In September 2001, the Company, in accordance with SFAS No. 121,

&quot;Accounting for the Impairment of Long-Lived Assets and for Long-Lived

Assets to Be Disposed Of,&quot; recorded an impairment charge of $4,593,800.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

- -.1pt">During the third quarter, our discussions with various potential

partners for the development of the Hard Rock - Biloxi project concluded with

no agreement.&#160; </font>Based upon the

timing requirements in our agreements with Hard Rock, and the current

conditions in the tourism industry we do not reasonably expect to be able to

develop this project as planned.&#160; As a

result of these circumstances, we have reviewed the carrying values of our

Mississippi investments which include a one acre parcel of land acquired for

$4,621,670, the Hard Rock license acquired for $2,000,000, and development

permits and plans carried at $444,130.&#160;&#160;

We have recorded an Impairment provision of $4,593,800, to reduce the

carrying value to $2,472,000, which represents the net realizable value of our

land parcel.</font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">In November 1998,

we executed a series of agreements with Hard Rock Cafe International related to

the proposed development project in Biloxi, Mississippi.&#160; Pursuant to a licensing agreement, we paid a

territory fee of $2,000,000 and have the right to develop and operate a Hard Rock

Casino in Biloxi. The Company and Allen E. Paulson formed a limited liability

company, equally owned, for the purpose of developing this project.&#160; Mr. Paulson agreed to contribute a gaming

vessel (the former Treasure Bay barge in Tunica, MS.), and we agreed to

contribute our rights to the Hard Rock agreements.&#160; In June 2001, we agreed to dissolve this company with each party

retaining their respective rights and assets.&#160;

We then entered negotiations with interested parties to develop this

project in various alternative forms.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Although we continue

to pursue the development of a Hard Rock in Biloxi, in September 2001, our

discussions with potential partners concluded with no agreements.&#160; Based upon the timing requirements in our

agreements with Hard Rock, and the current conditions in the tourism industry

we do not reasonably expect to be able to develop this project as planned.&#160; As a result of these circumstances, we have

reviewed the carrying values of our Mississippi investments and recorded an

Impairment provision of $4,593,800.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';letter-spacing:

- -.1pt;"><br clear="all" style="page-break-before:

always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;font-weight:bold">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; JOINT VENTURE ACQUISITION</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt;letter-spacing:-.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>On

March 30, 2001 we acquired GTECH&#146;s 50% interest in three joint venture projects

that had been equally owned by the two companies: Gaming Entertainment, LLC,

owner of an agreement continuing through August 2002, with the Coquille Tribe,

which conducts gaming at The Mill Casino in Oregon; Gaming Entertainment

Michigan, LLC, owner of a Management Agreement with the Nottawaseppi Huron Band

of Potawatomi to develop and manage a gaming facility near Battle Creek; and

Gaming Entertainment California, LLC owner of a Management Agreement with the

Torres-Martinez Band of Desert Cahuilla Indians to develop and manage a gaming

facility near Palm Springs<font style="letter-spacing:-.1pt">.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt;letter-spacing:-.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

purchase price was $1,800,000, and was funded through our existing credit

facility.&#160; As part of this transaction,

GTECH has extended the due date of our $3,000,000 promissory note from January

25, 2001 until January 25, 2002, with interest at prime.&#160; Also as part of this transaction, GTECH is

no longer required to provide the necessary financing for the two development

projects (Michigan and California) that we acquired.&#160; This transaction did not include our other joint venture with

GTECH, Gaming Entertainment (Delaware), LLC, owner of a management agreement

continuing through 2011, to manage Midway Slots &amp; Simulcast in Harrington,

Delaware.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt;letter-spacing:-.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In

addition to the gaming contract rights, we acquired the other 50% interest in a

note receivable from the Michigan tribe in the amount of $396,146.&#160; The excess purchase price over the fair

value of assets acquired was allocated to the gaming contract rights acquired

based on the discounted present value of expected future cash flows.&#160; The excess purchase price of $1,403,854 was

allocated as follows:</font></font></p>



<table width="80%" style="width:80.0%;

 margin-left:1.0in;border-collapse:collapse;">

 <tr>

  <td width="36%" valign="bottom" style="width:36.0%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="width:4.08%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="25%" colspan="2" valign="bottom" style="width:25.88%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

  -.1pt;font-weight:bold">Value</font></font></b></p>

  </td>

  <td width="4%" valign="bottom" style="width:4.08%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" style="width:25.9%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <h6 style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Amortization</font></font></b></h6>

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

  -.1pt;font-weight:bold">Term</font></font></b></p>

  </td>

  <td width="4%" valign="bottom" style="width:4.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="36%" valign="top" bgcolor="#cceeff" style="width:36.0%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  letter-spacing:-.1pt">Michigan contract</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="width:4.08%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.16%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">$</font></font></p>

  </td>

  <td width="24%" valign="bottom" bgcolor="#cceeff" style="width:24.72%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

  -.1pt">1,141,682</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="width:4.08%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="width:25.9%;

  border:none;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

  -.1pt">8.0 years</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="width:4.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="36%" valign="top" style="width:36.0%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  letter-spacing:-.1pt">California contract</font></font></p>

  </td>

  <td width="4%" valign="bottom" style="width:4.08%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="25%" colspan="2" valign="bottom" style="width:25.88%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

  -.1pt">182,776</font></font></p>

  </td>

  <td width="4%" valign="bottom" style="width:4.08%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" style="width:25.9%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

  -.1pt">8.0 years</font></font></p>

  </td>

  <td width="4%" valign="bottom" style="width:4.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="36%" valign="top" bgcolor="#cceeff" style="width:36.0%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  letter-spacing:-.1pt">Oregon contract</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="width:4.08%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="25%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:25.88%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

  -.1pt">79,396</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="width:4.08%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="width:25.9%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

  -.1pt">1.4 years</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="width:4.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="36%" valign="top" style="width:36.0%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="width:4.08%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.16%;border:none;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">$</font></font></p>

  </td>

  <td width="24%" valign="bottom" style="width:24.72%;border:none;border-top:

  solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,403,854</font></font></p>

  </td>

  <td width="4%" valign="bottom" style="width:4.08%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="25%" valign="bottom" style="width:25.9%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="4%" valign="bottom" style="width:4.06%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">As part of the

Michigan and California management agreements with the tribes, we have advanced

funds for tribal operations and the construction of a tribal community

center.&#160; The Notes Receivable is

attributable to this funding, and the repayment obligation is dependent on the

future profitable operation of the tribes&#146; gaming enterprise.&#160; In August 2001, we received a notice from

the Torres-Martinez Tribe in California purporting to sever our

relationship.&#160; We are in the process of

discussing an appropriate resolution of this matter that includes reimbursement

for costs that we incurred on the Tribe&#146;s behalf.&#160; Our Notes Receivable on the balance sheet includes a $25,000

advance due from this Tribe and our Gaming Contract Rights includes

approximately $170,000 attributable to this contact.&#160; We have incurred an aggregate of approximately $1 million,

including interest, on behalf of this Tribe.&#160;

We believe that the balance sheet amounts are recoverable based upon the

expressed intentions of the Tribe, as well as the contractual rights that we

continue to hold.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;font-weight:bold">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; GAMING CONTRACT RIGHTS</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt;letter-spacing:-.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As

a result of the GTECH acquisition, the three joint ventures that had previously

been accounted for using the equity method are now wholly owned consolidated

entities.&#160; A substantial portion of our

investment in these joint ventures was comprised of previously contributed

Michigan gaming rights of $4,155,213 that we acquired in 1995.&#160; Now that these are wholly-owned consolidated

entities, these previously contributed rights are reflected in Gaming Contract

Rights, along with the rights acquired in the GTECH acquisition of $1,403,854.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<table width="80%" style="width:80.0%;

 margin-left:1.0in;border-collapse:collapse;">

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="width:66.24%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  letter-spacing:-.1pt">Contributed Michigan gaming rights</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="width:4.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.16%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">$</font></font></p>

  </td>

  <td width="24%" valign="bottom" bgcolor="#cceeff" style="width:24.18%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4,155,213</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="width:4.2%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="width:66.24%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  letter-spacing:-.1pt">Acquired gaming rights</font></font></p>

  </td>

  <td width="4%" valign="bottom" style="width:4.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="25%" colspan="2" valign="bottom" style="width:25.32%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

  -.1pt">1,403,854</font></font></p>

  </td>

  <td width="4%" valign="bottom" style="width:4.2%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="width:66.24%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  letter-spacing:-.1pt">Less accumulated amortization</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="width:4.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="25%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:25.32%;

  border:none;border-bottom:solid windowtext .5pt;background:#CCEEFF;

  padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:

  -.1pt">(105,473</font></font></p>

  </td>

  <td width="4%" valign="bottom" bgcolor="#cceeff" style="width:4.2%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="width:66.24%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  letter-spacing:-.1pt">Gaming Contract Rights, net</font></font></p>

  </td>

  <td width="4%" valign="bottom" style="width:4.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="width:1.16%;border:none;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">$</font></font></p>

  </td>

  <td width="24%" valign="bottom" style="width:24.18%;border:none;border-top:

  solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">5,453,594</font></font></p>

  </td>

  <td width="4%" valign="bottom" style="width:4.2%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">&nbsp;</font></font></p>

  </td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt;letter-spacing:-.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

Investments in Joint Ventures on the balance sheet now reflects our ownership

interest in only the Delaware LLC.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;font-weight:bold">6.&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;

JOINT VENTURE INVESTMENTS</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt;letter-spacing:-.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Through

March 30, 2001 we had four joint ventures with GTECH.&#160; The Delaware venture, which continues as a joint venture with

GTECH, manages a slot operation at Harrington Raceway in Harrington.&#160; As of March 31, 2001, the other three

previous joint ventures became wholly owned by us, and accordingly are no

longer accounted for using the equity method.&#160;

The Oregon venture developed the Mill Casino in North Bend for the

Coquille Indian Tribe.&#160;&#160; The Michigan

venture, which has a management agreement with a Tribe in Battle Creek, and the

California venture, which has an agreement with a Tribe in Thermal are both

still in the development stage.&#160;

Successful development and, ultimately, sustaining profitable operations

is dependent upon future events, including appropriate regulatory approvals and

adequate market demand.&#160; These two

ventures have not generated any revenues, and the costs incurred to date relate

to pre-opening expenses such as payroll, legal, and consulting.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160; SUMMARY

INFORMATION FOR THE THREE MONTH PERIODS ENDED SEPTEMBER 30,</font></font></p>



<table width="90%" style="width:90.0%;

 margin-left:.5in;border-collapse:collapse;">

 <tr>

  <td width="29%" valign="top" style="width:29.62%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.34%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.34%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.34%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.46%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.62%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">2001</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Delaware</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.34%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Oregon</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.34%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Michigan</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.34%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">California</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.46%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.62%;border:none;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.34%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.34%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.34%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.46%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" bgcolor="#cceeff" style="width:29.62%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Revenues</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.34%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4,855,060</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.32%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.32%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.32%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.46%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.62%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Income

  from operations</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,822,049</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.34%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.34%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.64%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.34%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.46%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" bgcolor="#cceeff" style="width:29.62%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Net

  income</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.36%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,822,049</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.34%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.34%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.64%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.34%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.46%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="192" style="border:none"></td>

  <td width="17" style="border:none"></td>

  <td width="7" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="17" style="border:none"></td>

  <td width="7" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="17" style="border:none"></td>

  <td width="7" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="17" style="border:none"></td>

  <td width="7" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="16" style="border:none"></td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="89%" style="width:89.98%;

 margin-left:.5in;border-collapse:collapse;">

 <tr>

  <td width="29%" valign="bottom" style="width:29.7%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  font-weight:bold">2000</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.58%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <h6 style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Delaware</font></font></b></h6>

  </td>

  <td width="2%" valign="bottom" style="width:2.56%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Oregon</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.56%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Michigan</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.56%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">California</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.56%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.7%;border:none;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.58%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.56%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.56%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.56%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.56%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" bgcolor="#cceeff" style="width:29.7%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Revenues</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.58%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.3%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4,376,355</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.56%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.3%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">655,602</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.56%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.3%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.56%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.06%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.3%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.56%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.7%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Income

  (loss) from operations</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.58%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,612,829</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.56%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">651,402</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.56%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(465,159</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.56%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.36%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(45,218</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.56%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" bgcolor="#cceeff" style="width:29.7%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Net

  income (loss)</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.58%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.36%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,612,829</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.56%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.36%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">651,402</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.56%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.36%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(465,159</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.56%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.36%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(45,218</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.56%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="192" style="border:none"></td>

  <td width="16" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="86" style="border:none"></td>

  <td width="16" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="86" style="border:none"></td>

  <td width="16" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="86" style="border:none"></td>

  <td width="16" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="86" style="border:none"></td>

  <td width="16" style="border:none"></td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;

SUMMARY INFORMATION FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30,</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="90%" style="width:90.0%;

 margin-left:.5in;border-collapse:collapse;">

 <tr>

  <td width="29%" valign="bottom" style="width:29.68%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  font-weight:bold">2001</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="width:13.96%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Delaware</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.54%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.4%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Oregon</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.54%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.42%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Michigan</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.54%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.4%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">California</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.52%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.68%;border:none;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="width:13.96%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.54%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.4%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.54%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.42%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.54%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.4%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.52%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" bgcolor="#cceeff" style="width:29.68%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Revenues</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="12%" valign="bottom" bgcolor="#cceeff" style="width:12.94%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">13,425,391</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.54%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.38%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">570,137</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.54%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.4%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.54%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.38%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.52%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.68%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Income

  (loss) from operations</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.98%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" style="width:13.96%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4,870,846</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.54%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.4%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">564,734</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.54%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.42%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(197,522</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.54%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.4%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(47,360</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.52%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" bgcolor="#cceeff" style="width:29.68%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Net

  income (loss)</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.98%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="13%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:13.96%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4,870,846</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.54%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.4%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">564,734</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.54%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.42%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(197,522</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.54%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.4%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(47,360</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.52%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="192" style="border:none"></td>

  <td width="19" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="83" style="border:none"></td>

  <td width="16" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="86" style="border:none"></td>

  <td width="16" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="86" style="border:none"></td>

  <td width="16" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="86" style="border:none"></td>

  <td width="16" style="border:none"></td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="89%" style="width:89.98%;

 margin-left:.5in;border-collapse:collapse;">

 <tr>

  <td width="29%" valign="bottom" style="width:29.72%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  font-weight:bold">2000</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.08%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Delaware</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.5%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Oregon</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.48%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.46%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Michigan</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.48%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">California</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.46%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.72%;border:none;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.08%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.5%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.48%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.46%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.48%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;border:none;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.46%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" bgcolor="#cceeff" style="width:29.72%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Revenues</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.06%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">11,341,554</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.5%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.46%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,799,978</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.48%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.44%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.48%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.44%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.46%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.72%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Income

  (loss) from operations</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.88%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.08%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4,009,667</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.5%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,789,189</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.48%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.46%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(963,307</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.48%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(89,256</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.46%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" bgcolor="#cceeff" style="width:29.72%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Net

  income (loss)</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.88%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.08%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4,009,667</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.5%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,789,189</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.48%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.46%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(963,307</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.48%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(89,256</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.46%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="192" style="border:none"></td>

  <td width="18" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="84" style="border:none"></td>

  <td width="15" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="15" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="15" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="15" style="border:none"></td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160; SEGMENT INFORMATION</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p align="left" style="font-size:11.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Since the GTECH

acquisition transaction, we now view our business in three primary business

segments.&#160; The Operations segment

includes the performance of the Delaware and Oregon projects.&#160; The Development segment includes costs

associated with our activities in Michigan, California, and Mississippi.&#160; The Corporate segment reflects the

management and administrative expenses of the business.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160; SUMMARY

INFORMATION FOR THE THREE MONTH PERIODS ENDED SEPTEMBER 30,</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="90%" style="width:90.0%;

 margin-left:.5in;border-collapse:collapse;">

 <tr>

  <td width="30%" valign="bottom" style="width:30.4%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.1%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.4%;border:none;border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">2001</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="top" style="width:14.66%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Operations</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Development</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Corporate</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Consolidated</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.1%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.4%;border:none;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Revenues</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.62%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,539,096</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.64%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.64%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.62%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,539,096</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.1%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Development

  / Impairment</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">5,002,386</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">5,002,386</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.1%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Income

  (loss) from operations</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.66%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,482,897</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.66%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(5,128,167</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.66%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(394,899</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.66%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(4,040,169</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.1%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Net

  income (loss)</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">916,565</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(3,418,861</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(261,265</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(2,763,561</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.1%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="197" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="88" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="88" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="88" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="88" style="border:none"></td>

  <td width="13" style="border:none"></td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="90%" style="width:90.0%;

 margin-left:.5in;border-collapse:collapse;">

 <tr>

  <td width="30%" valign="bottom" style="width:30.28%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.2%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="width:15.1%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="bottom" style="width:30.28%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  font-weight:bold">2000</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.2%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="top" style="width:15.1%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Operations</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Development</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Corporate</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Consolidated</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.28%;border:none;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Revenues</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.2%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.64%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.46%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,132,115</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.26%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.04%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.44%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.26%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.04%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.44%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.26%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.04%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.44%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,132,115</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.28%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Pre-opening

  / Development costs</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.2%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="width:15.1%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">255,188</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">255,188</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.28%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Income

  (loss) from operations</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.2%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:15.1%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,089,926</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.26%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(339,566</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.26%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(470,381</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.26%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">279,979</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.28%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Net

  income (loss)</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.2%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="width:15.1%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">593,135</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(224,114</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(308,828</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">60,193</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="196" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="10" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="14" style="border:none"></td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; &#160;&#160;SUMMARY INFORMATION FOR THE NINE MONTH PERIODS ENDED SEPTEMBER

30,</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="90%" style="width:90.0%;

 margin-left:.5in;border-collapse:collapse;">

 <tr>

  <td width="30%" valign="bottom" style="width:30.4%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.1%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.4%;border:none;border-bottom:solid windowtext .5pt;

  padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">2001</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="top" style="width:14.66%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;font-weight:bold;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Operations</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Development</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Corporate</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Consolidated</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.1%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.4%;border:none;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Revenues</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.62%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">3,939,286</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.64%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.64%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.62%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">3,939,286</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.1%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Development

  / Impairment</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">5,571,760</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">5,571,760</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.1%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.4%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Income

  (loss) from operations</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.66%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">3,784,699</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.66%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(5,961,946</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.66%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(1,226,423</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.22%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.66%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(3,403,670</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.1%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.4%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Net

  income (loss)</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,165,873</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(3,977,391</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(806,024</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.22%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.66%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(2,617,541</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.1%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="197" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="88" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="88" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="88" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="88" style="border:none"></td>

  <td width="13" style="border:none"></td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="90%" style="width:90.0%;

 margin-left:.5in;border-collapse:collapse;">

 <tr>

  <td width="30%" valign="bottom" style="width:30.44%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.08%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="width:15.08%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.18%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.44%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">2000</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.08%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="top" style="width:15.08%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Operations</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Development</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Corporate</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Consolidated</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.18%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.44%;border:none;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Revenues</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.08%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="width:14.06%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,899,428</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.26%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.46%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.26%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.46%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.26%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="width:13.46%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,899,428</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.18%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.44%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Pre-opening

  / Development costs</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.08%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="width:15.08%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">512,781</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">-</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">512,781</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.18%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="width:30.44%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Income

  (loss) from operations</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.08%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:15.08%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2,772,861</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.26%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(765,915</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.26%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(1,407,849</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.26%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="width:14.48%;

  background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">599,097</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.18%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="width:30.44%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Net

  income (loss)</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.08%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="width:15.08%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1,439,706</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(489,033</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(925,786</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.26%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">)</font></font></p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="width:14.48%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">24,887</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.18%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="197" style="border:none"></td>

  <td width="13" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="91" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="87" style="border:none"></td>

  <td width="13" style="border:none"></td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Primarily as a

result of the Impairment provision of $4,593,800 discussed in Note 3, partially

offset by the $1,800,000 GTECH acquisition discussed in Note 4, the approximate

identifiable assets for our Development segment have declined from previous

periods.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="90%" style="width:90.0%;

 margin-left:.5in;border-collapse:collapse;">

 <tr>

  <td width="22%" valign="bottom" style="width:22.14%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:10.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Identifiable

  Assets:</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.3%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="width:16.64%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Operations</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.28%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="width:16.64%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Development</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.28%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="width:16.64%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Corporate</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.28%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="width:16.64%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Consolidated</font></font></b></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.18%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="top" bgcolor="#cceeff" style="width:22.14%;border:none;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">September

  30, 2001</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.3%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="width:15.62%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">668,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.28%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="width:15.62%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">10,374,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.28%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="width:15.62%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">473,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.28%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="width:1.02%;border:

  none;background:#CCEEFF;padding:

  0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">$</font></font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="width:15.62%;

  border:none;border-top:solid windowtext .5pt;background:#CCEEFF;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">11,515,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="width:2.18%;background:

  #CCEEFF;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="22%" valign="top" style="width:22.14%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">December

  31, 2000</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.3%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="width:16.64%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">232,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.28%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="width:16.64%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">12,369,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.28%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="width:16.64%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">852,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.28%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="width:16.64%;padding:0in .7pt .7pt .7pt">

  <p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">13,453,000</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="width:2.18%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="143" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="101" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="101" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="101" style="border:none"></td>

  <td width="14" style="border:none"></td>

  <td width="9" style="border:none"></td>

  <td width="101" style="border:none"></td>

  <td width="13" style="border:none"></td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><a name="Item2_ManagementsDiscussionAndAna"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Item

2.&#160;&#160;&#160;  Management's Discussion and

Analysis of Financial Condition and Results of Operations.</font></font></b></a></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Results of Operations for the Three

and Nine Months Ended September 30, 2001 Compared to Three and Nine Months

Ended September 30, 2000</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This report contains certain forward looking

statements made pursuant to the Private Securities Litigation Reform Act of

1995, such as statements relating to our development plans and expectations,

and financing availability.&#160; These

statements are subject to risks and uncertainties discussed in this report and

in our other filings with the Securities and Exchange Commission, which could

cause actual results or timing to differ materially from that implied by such

statements.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenues.&#160; </font></font></b>As a result of the

acquisition of GTECH&#146;s interest in three joint venture projects, our

classification of revenues is not directly comparable to prior periods.&#160; The revenues related to our Delaware

contract continue to be reported as joint venture revenue, but as of March 31,

2001, the revenue related to the Oregon contract is now reported as management

fees.</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></b>Total

operating revenues increased $406,981, or 36% for the three month period and

$1,039,858, also 36% for the nine month period as compared to the same periods

in 2000.&#160; These increases are due to

improved performance in Delaware and the acquisition of the additional 50%

interest in Oregon.</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenues for the latter part of September, and the

full month of October, have not been significantly impacted by the events of

September 11, 2001 and the subsequent softening in certain segments of the

gaming and tourism markets.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<b><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman';font-weight:bold;font-style:italic"><br clear="all" style="page-break-before:always">

</font></font></i></b>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><b><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;

font-style:italic">Delaware Joint Venture. </font></font></i></b>&#160;Our share of income from the Delaware joint

venture was $911,025, an increase of $104,611 for the three month period, and

$2,435,423, an increase of $430,590 for the nine month period.&#160; On May 11, 2000 we opened an expansion of

the Harrington facility, and these revenue increases are primarily attributable

to the increased gaming capacity, coupled with continuing growth in the market.</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><b><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;

font-style:italic">Oregon.</font></font></i></b>&#160; Our management fees from the Oregon contract were $628,071 for

the three month period compared to joint venture revenue of $325,701, in the

prior year.&#160; Oregon related revenues for

the nine month period were $1,503,863 compared to $894,595 in the prior year.&#160; These increases primarily reflect the

increase in our ownership percentage.&#160;

Additionally, continued growth in the market contributed to revenue

increases at the facility that partially offset the fee percentage reduction

from 12% of revenue to 11% in accordance with the management agreement.</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cost

and Expenses. </font></font></b>As a result of our acquisition of GTECH&#146;s

interest in three joint venture projects, our classification of expenses is not

directly comparable to prior periods.&#160;

The expenses related to our California and Michigan projects, which had

been reported as joint venture pre-opening costs, as of March 31, 2001 are now

reported as development costs.</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold">Pre-opening and Development</font></b>.&#160; Total development related costs (Joint

venture pre-opening costs and Development costs) for the California and

Michigan projects were $408,586 compared to $255,188 for the three month

period, and $727,960 compared to $512,781 for the nine month period.&#160; The majority of these costs were due to

increased activities related to the Michigan venture with the Huron Potawatomi

Tribe in Battle Creek.&#160; These costs were

primarily for legal and consulting fees to assist the Tribe in obtaining

suitable land and complying with the requirements of the Indian Gaming

Regulatory Act, as well as land option payments.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During the three month periods there were no other development

costs.&#160; For the nine month periods, we

expensed $250,000 in the first quarter of 2001 related to the expiration of a

land purchase option in Biloxi Mississippi that we chose not to exercise or

renew.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General

and Administrative Expenses<i><font style="font-style:italic">.</font></i></font></font></b>&#160;&#160; General and administrative expenses

decreased by $75,406 and $121,474 for the respective three and nine month

periods ended September 30, 2001.&#160; These

decreases are primarily due to reduced payroll expenses and legal fees.</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold">Impairment<i><font style="font-style:italic">.</font></i></font></b>&#160;&#160;&#160; The Impairment provision of $4,593,800, recorded in the third

quarter, results from an assessment of the carrying values of our Mississippi

assets which totaled $7,065,800, and the reduction of this carrying value to

$2,472,000 which represents the estimated net realizable value of the land

parcel.&#160; The impairment assessment is

discussed more fully in Note 3 of the condensed consolidated financial

statements.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Depreciation and Amortization.&#160;&#160;&#160;&#160; </font></font></b>Amortization expense

increased $55,337 for the three month period and $105,120 for the nine month

period.&#160; These increases reflect the

amortization of the Gaming Rights acquired in the GTECH acquisition transaction

which is described in Notes 4 and 5 of the condensed consolidated financial

statements.&#160; Goodwill has been fully

amortized as of September 30, 2001.</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Interest Expense<i><font style="font-style:italic">.</font></i></font></font></b>&#160; Interest expense decreased by $9,041 for the

three month period and $14,663 for the nine month period.&#160; These decreases are a result of changes in

the amounts outstanding under our bank line, coupled with a decrease in

interest rates.</p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Interest and Other Income<i><font style="font-style:italic">.</font></i></font></font></b>&#160; Interest and other income was comparable in

both the three and nine&#160; month periods

and is primarily due to earnings on invested cash balances.</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Income Tax Benefit (Provision)<i><font style="font-style:italic">.</font></i></font></font></b>&#160;&#160; The income tax benefit for the current year

periods is a result of the expected tax benefit from the realization of the

Impairment provision recorded in the third quarter.&#160; The effective tax rate reflects a combination of state taxes on joint

venture earnings combined with the tax effect of non-deductible amortization

expenses.&#160; For federal tax purposes we

have net operating loss carryforwards of approximately $1,335,000 which may be

carried forward to offset future taxable income.&#160; The loss carryforwards expire in 2010 through 2019.&#160; The availability of the loss carryforwards

may be limited in the event of a significant change in ownership of the Company

or that of our subsidiaries.</p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Liquidity and Capital Resources</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">At September 30,

2001, we had cash and cash equivalents of $279,083.&#160; For the nine months ended September 30, 2001, cash of $1,013,940

was provided by operating activities, as compared to $495,209 in the prior year

period.&#160; The increase is primarily due

to increased earnings before recognition of the Impairment provision.&#160; Net cash used in investing activities was

$1,940,000, representing $1,800,000 for the GTECH acquisition transaction, and

loans of $140,000 to the Michigan Tribe.&#160;

In the prior year period, $210,938 was used in investing activities, for

options and deposits related to the Biloxi project as well as joint venture

activities in Michigan.&#160; Financing

activities consisted of draws and repayments on our credit line.&#160;&#160; A draw of $1,800,000 was used to fund the

GTECH acquisition transaction.&#160; As a

result of these factors, there was a net decrease in cash and cash equivalents

of $176,060 during the nine months ended September 30, 2001.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">On March 30, 2001, we acquired GTECH&#146;s 50% interest in

three joint venture projects that had been equally owned by the two companies:

Gaming Entertainment, LLC, owner of an agreement continuing through August

2002, with the Coquille Tribe, which conducts gaming at The Mill Casino in

Oregon; Gaming Entertainment Michigan, LLC, owner of a Management Agreement

with the Nottawaseppi Huron Band of Potawatomi to develop and manage a gaming

facility near Battle Creek; and Gaming Entertainment California, LLC owner of a

Management Agreement with the Torres-Martinez Band of Desert Cahuilla Indians

to develop and manage a gaming facility near Palm Springs.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The purchase price was $1,800,000, and was funded

through our existing credit facility.&#160;

As part of this transaction, GTECH has extended the due date of our

$3,000,000 promissory note from January 25, 2001 until January 25, 2002, with

interest at prime.&#160; Also as part of this

transaction, GTECH is no longer required to provide the necessary financing for

the two development projects (Michigan and California) that we acquired.&#160; Since we do not have the financial resources

to fund these projects alone, we are actively pursuing alternative means of

financing these developments.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font size="2" face="Times New Roman"><font style="font-size:10.0pt">This transaction did not

include our other joint venture with GTECH, Gaming Entertainment (Delaware),

LLC, owner of a management agreement continuing through 2011, to manage Midway

Slots &amp; Simulcast in Harrington, Delaware.&#160;

As a result of this continuing agreement with GTECH, our receipt of

revenues from the operations of our Delaware joint venture project is governed

by the terms of the related agreement.&#160;

It provides that net cash flow (after certain deductions) is to be

distributed monthly to Full House and GTECH.&#160;

While we do not believe that this arrangement will adversely impact our

liquidity, our continuing cash flow is dependent on the operating performance

of this joint venture, and the ability to receive monthly distributions.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our long-term debt represents the $3,000,000 balance

on the GTECH promissory note (classified as current portion of long-term debt)

and $900,000 due under the bank line of credit, described below, which was used

to fund the GTECH acquisition.&#160; We

expect to repay these amounts with a combination of cash from operations and

leveraging our ownership of the gaming contracts acquired.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We have a $2 million line of credit with Coast

Community bank in Mississippi. The line bears interest at prime plus &#189;%, with

interest payable monthly.&#160; Any

outstanding principal is due at maturity in February 2002.&#160; At September 30, 2001, there was $900,000

outstanding at a rate of 6%.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As part of the Michigan and California management

agreements with the tribes, we have advanced funds for tribal operations and

the construction of a tribal community center.&#160;

The Notes Receivable is attributable to this funding, and the repayment

obligation is dependent on the future profitable operation of the tribes&#146;

gaming enterprise.&#160; In August 2001, we

received a notice from the Torres-Martinez Tribe in California purporting to

sever our relationship.&#160; We are in the

process of discussing an appropriate resolution of this matter that includes

reimbursement for costs that we incurred on the Tribe&#146;s behalf.&#160; Our Notes Receivable on the balance sheet

includes a $25,000 advance due from this Tribe and our Gaming Contract Rights

includes approximately $170,000 attributable to this contact.&#160; We have incurred an aggregate of

approximately $1 million, including interest, on behalf of this Tribe.&#160; We believe that the balance sheet amounts

are recoverable based upon the expressed intentions of the Tribe, as well as

the contractual rights that we continue to hold.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">In November 1998,

we executed a series of agreements with Hard Rock Cafe International related to

the proposed development project in Biloxi, Mississippi.&#160; Pursuant to a licensing agreement, the

Company has the right to develop and operate a Hard Rock Casino in Biloxi.&#160; We have paid a territory fee of

$2,000,000.&#160; In September 1998, the

Company and Allen E. Paulson formed a limited liability company, equally owned,

for the purpose of developing this project.&#160;

Mr. Paulson agreed to contribute a gaming vessel (the former Treasure

Bay barge in Tunica, MS.), and we agreed to contribute our rights to the Hard

Rock agreements.&#160; In June 2001, we

agreed to dissolve this company with each party retaining their respective

rights and assets.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Although we

continue to pursue the development of a Hard Rock in Biloxi, in September 2001,

our discussions with potential partners concluded with no agreements.&#160; Based upon the timing requirements in our

agreements with Hard Rock, and the current conditions in the tourism industry

we do not reasonably expect to be able to develop this project as planned.&#160; As a result of these circumstances, we have

reviewed the carrying values of our Mississippi investments and recorded an

Impairment provision of $4,593,800.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">As of September

30, 2001, Full House had cumulative undeclared and unpaid dividends in the

amount of $1,942,500 on the 700,000 outstanding shares of its 1992&#150;1

Preferred Stock. Such dividends are cumulative whether or not declared, and are

currently in arrears.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold">Quantitative

Disclosure About Market Risk.&#160; </font></b>Market

risk is the risk of loss from changes in market rates or prices, such as

interest rates and commodity prices.&#160; We

are exposed to market risk in the form of changes in interest rates and the

potential impact such changes may have on our variable rate debt.&#160; We have not invested in derivative based

financial instruments.</font></font></p>



<p align="left" style="font-size:11.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p align="left" style="font-size:11.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold">Recent Accounting Pronouncements</font></b>.&#160; In July 2001, the Financial Accounting

Standards Board issued SFAS No. 141, &#147;Business Combinations&#148; and SFAS No. 142,

&#147;Goodwill and Other Intangible Assets.&#148;&#160;

SFAS 141 prohibits the pooling of interests method of accounting for

business combinations initiated after June 30, 2001.&#160; SFAS 142, which will be effective for the Company in January

2002, requires, among other things, the discontinuance of goodwill

amortization.&#160; In addition, the standard

includes provisions for the reclassification of certain existing intangibles as

goodwill, reassessment of the useful lives of existing intangibles, and ongoing

assessments of potential impairment of existing goodwill.</font></font></p>



<p align="left" style="font-size:11.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p align="left" style="font-size:11.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As of September 30, 2001 our

goodwill, net of accumulated amortization, had been reduced to zero. The

carrying value of the Hard Rock licensing and development rights have also been

reduced to zero as a result of the impairment provision discussed in Note

3.&#160; Other existing intangibles consist

of net Gaming Contract Rights of $5,453,594.&#160;

The Company has not yet determined the impact, if any, that this

statement will have on its consolidated financial position or results of

operations.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="letter-spacing:-.1pt">In June 2001, the

FASB issued SFAS No. 143 &#147;Accounting for Asset Retirement Obligations&#148; which

addresses financial accounting and reporting for obligations associated with

the retirement of tangible long-lived assets and the associated asset

retirement costs.&#160; This Statement

applies to legal obligations associated with the retirement of long-lived

assets that result from the acquisition, construction, development and / or

normal operation, except for certain obligations of lessees.&#160; This Statement is effective for fiscal years

beginning after June 15, 2002.&#160; The

Company is assessing the impact of SFAS No. 143 on its financial position and

results of operations.</font></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In August 2001, the FASB issued

SFAS No. 144 &#147;Accounting for the Impairment or Disposal of Long-Lived Assets&#148;

which addresses financial accounting and reporting for the impairment or

disposal of long-lived assets and supersedes FASB Statement No. 121,

&#147;Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets

to Be Disposed Of.&#148;&#160;&#160; The provisions of

this Statement are effective for fiscal years beginning after December 15, 2001

and interim periods within those fiscal years.&#160;

The Company is assessing the impact of SFAS No. 144 on its financial

position and results of operations.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<h3 style="font-size:11.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><a name="PartIi"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt">PART II </font></font></b></a><font size="2"><font style="font-size:10.0pt">&#150; <a name="OtherInformation">OTHER

INFORMATION</a></font></font></h3>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Item 1.&#160; Legal Proceedings</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">In the <u>Full

House Resorts, Inc. v. Lone Star Casino Corporation v. Allen E. Paulson</u>

litigation, more fully described in the Company&#146;s 10-KSB for December 31, 2001,

the appeal by Lone Star of the trial court&#146;s dismissal for failure to prosecute

was granted by the Mississippi Court of Appeals.&#160; This matter has been remanded back to the trial court for further

proceedings.</font></font></p>



<p align="left" style="font-size:11.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">Item 3.&#160; Defaults upon Senior Securities</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">As of September

30, 2001, cumulative dividends were $1,942,500, which were undeclared, unpaid

and were in arrears, with respect to our Series 1992&#150;1 Preferred Stock,

which class ranks prior to our Common Stock with regard to dividend and liquidation

rights.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<h1 align="left" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Item 6.&#160; Exhibits and Reports on Form 8-K</font></font></b></h1>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibits&#160; - None</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Reports

on Form 8&#150;K - None</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><a name="Signatures"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">SIGNATURES</font></font></b></a></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Pursuant to the

requirements of the Securities Exchange Act of 1934, as amended, the Company

has duly caused this report to be signed on its behalf by the undersigned,

thereunto duly authorized.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="100%" style="width:100.0%;

 border-collapse:collapse;">

 <tr>

  <td width="44%" valign="top" style="width:44.18%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="55%" colspan="2" valign="top" style="width:55.82%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

  font-weight:bold">FULL HOUSE RESORTS, INC.</font></font></b></p>

  </td>

 </tr>

 <tr>

  <td width="44%" valign="top" style="width:44.18%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="55%" colspan="2" valign="top" style="width:55.82%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="44%" valign="top" style="width:44.18%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Date:&#160; November 14, 2001</font></font></p>

  </td>

  <td width="55%" colspan="2" valign="top" style="width:55.82%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="44%" valign="top" style="width:44.18%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="55%" colspan="2" valign="top" style="width:55.82%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="44%" valign="top" style="width:44.18%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="3%" valign="top" style="width:3.16%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By</font></font></p>

  </td>

  <td width="52%" valign="top" style="width:52.66%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;/s/ MICHAEL P. SHAUNNESSY</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="44%" valign="top" style="width:44.18%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="55%" colspan="2" valign="top" style="width:55.82%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;Michael P. Shaunnessy, Executive V.P. -

  Finance</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="44%" valign="top" style="width:44.18%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="55%" colspan="2" valign="top" style="width:55.82%;padding:0in .7pt .7pt .7pt">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:20.0pt;margin-right:0in;margin-top:0in;text-indent:-10.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(Principal

  Accounting and Financial Officer)</font></font></p>

  </td>

 </tr>

</table>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:3.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:3.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



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