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<SEC-DOCUMENT>0001171200-10-000481.txt : 20100514
<SEC-HEADER>0001171200-10-000481.hdr.sgml : 20100514
<ACCEPTANCE-DATETIME>20100513173214
ACCESSION NUMBER:		0001171200-10-000481
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20100331
FILED AS OF DATE:		20100514
DATE AS OF CHANGE:		20100513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLEXIBLE SOLUTIONS INTERNATIONAL INC
		CENTRAL INDEX KEY:			0001069394
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS CHEMICAL PRODUCTS [2890]
		IRS NUMBER:				911922863
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31540
		FILM NUMBER:		10829839

	BUSINESS ADDRESS:	
		STREET 1:		2614 QUEENSWOOD DR
		CITY:			VICTORIA B C V8N 1X5
		STATE:			A1
		BUSINESS PHONE:		2504779969

	MAIL ADDRESS:	
		STREET 1:		2614 QUEENSWOOD DR
		CITY:			VICTORIA BC CANADA
		STATE:			A1
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>i00222_flexible-10q.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <div align="center">
            <font size="4"><b>UNITED STATES<br>
            SECURITIES AND EXCHANGE COMMISSION<br>
            </b><font size="3">Washington, DC 20549</font></font>
        </div>

        <p align="center"><font size="5"><b>FORM 10-Q</b></font></p>

        <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3" face="WINGDINGS">x</font></p>
                </td>

                <td valign="top">
                    <p><font size="3">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p align="center"><font size="2">For the quarterly period ended March 31, 2010</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p align="center"><font size="2">OR</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3" face="WINGDINGS">o</font></p>
                </td>

                <td valign="top">
                    <p><font size="3">TRANSITION REPORT PURSUANT TO 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">For the transition period from ________ to ________ </font></p>
                </td>
            </tr>
        </table>

        <p align="center"><font size="2">Commission File Number: 001-31540</font></p>

        <p align="center"><font style="FONT-SIZE: 22pt"><b>FLEXIBLE SOLUTIONS INTERNATIONAL INC.</b><b><br>
        </b></font><font size="2">(Exact Name of Issuer as Specified in Its Charter)</font></p>

        <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="33%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="31%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="35%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font size="2">Nevada</font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">91-1922863</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" size="1" width="100%" noshade>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" size="1" width="100%" noshade>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap>
                    <p align="center"><font size="2">(State or other jurisdiction of incorporation</font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" nowrap>
                    <p align="center"><font size="2">(I.R.S. Employer Identification No.)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font size="2">or organization)</font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="38%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="44%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="17%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center"><font size="2">615 Discovery St.<br>
                    Victoria, British Columbia, Canada</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">V8T 5G4</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" size="1" width="100%" noshade>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" size="1" width="100%" noshade>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap>
                    <p align="center"><font size="2">(Address of Issuer&rsquo;s Principal Executive Offices)&nbsp;&nbsp;&nbsp;</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">(Zip Code)</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">Issuer&rsquo;s telephone number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250) 477-9969</font></p>

        <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font size="2">N/A</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" color="gray" size="1" width="40%" noshade>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font size="2">(Former name, former address and former fiscal year, if changed since last report)</font></p>
                </td>
            </tr>
        </table>

        <p align="justify"><font size="2">Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) had been subject to such filing requirements for the past 90 days.</font></p>

        <table border="0" cellspacing="0" cellpadding="0" width="72%" align="center">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Yes <font face="WINGDINGS">x</font></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">No <font face="WINGDINGS">o</font></font></p>
                </td>
            </tr>
        </table>

        <p align="justify"><font size="2">Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act. (Check One):</font></p>

        <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="40%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="40%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">Large accelerated filer <font face="WINGDINGS">o</font></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">Accelerated filer <font face="WINGDINGS">o</font></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">Non-accelerated filer <font face="WINGDINGS">o</font></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">Smaller reporting company <font face="WINGDINGS">x</font></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">(Do not check if a smaller reporting company)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>

        <p align="justify"><font size="2">Indicate by check mark whether the Registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act).</font></p>

        <table border="0" cellspacing="0" cellpadding="0" width="72%" align="center">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Yes </font><font size="2" face="WINGDINGS">o</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">No <font face="WINGDINGS">x</font></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table border="0" cellspacing="0" cellpadding="0" width="59%" align="center">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="18%">
                    <p align="center">&nbsp;</p>                </td>

                <td valign="top" width="13%">
                    <p align="center">&nbsp;</p>                </td>

                <td valign="top" width="30%">
                    <p align="center">&nbsp;</p>                </td>

                <td valign="top" width="13%">
                    <p align="center">&nbsp;</p>                </td>

                <td valign="top" width="23%">
                    <p align="center">&nbsp;</p>                </td>
            </tr>

            <tr>
                <td valign="top" nowrap>
                    <p align="center"><font size="1"><b>Class of Stock</b></font></p>                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>                </td>

                <td valign="top" nowrap>
                    <p align="center"><font size="1"><b>No. Shares Outstanding</b></font></p>                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Date</b></font></p>                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" color="black" size="1" width="100%" noshade>                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>                </td>

                <td valign="top">
                    <hr align="center" color="black" size="1" width="100%" noshade>                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>                </td>

                <td valign="top">
                    <hr align="center" color="black" size="1" width="32%" noshade>                </td>
            </tr>


            <tr>
                <td valign="top">
                    <p align="center"><font size="2">Common</font></p>                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>                </td>

                <td valign="top">
                    <p align="center"><font size="2">13,962,567</font></p>                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>                </td>

                <td valign="top" nowrap>
                    <p align="center"><font size="2">April 30, 2010</font></p>                </td>
            </tr>
        </table>

    <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt"><b><font size="2">FORM 10-Q</font></b></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt"><font size="2">Index</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="8%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><a href="#A001Part1"><font size="2"><b><font size="2">PART I.</font></b></font></a></b></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><a href="#A001Part1"><font size="2"><b><font size="2">FINANCIAL INFORMATION</font></b></font></a></b></p>
                    </td>

                    <td valign="top" width="8%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A002Item1"><font size="2"><font size="2">Item 1.</font></font></a></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A002Item1"><font size="2"><font size="2">Financial Statements.</font></font></a></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A003BalSheet"><font size="2"><font size="2">(a)</font></font></a></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A003BalSheet"><font size="2"><font size="2">Unaudited Consolidated Balance Sheets at March 31, 2010 and December 31, 2009.</font></font></a></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A004StmtOps"><font size="2"><font size="2">(b)</font></font></a></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A004StmtOps"><font size="2"><font size="2">Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2010 and 2009.</font></font></a></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A005CashFlow"><font size="2"><font size="2">(c)</font></font></a></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A005CashFlow"><font size="2"><font size="2">Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2010 and 2009.</font></font></a></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A006Notes"><font size="2"><font size="2">(d)</font></font></a></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A006Notes"><font size="2">Notes to Unaudited Consolidated Financial Statements for the Period Ended March 31, 2010.</font></a></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A007Item2"><font size="2"><font size="2">Item 2.</font></font></a></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A007Item2"><font size="2"><font size="2">Management&rsquo;s Discussion and Analysis or Plan of Operation.</font></font></a></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A008Item4"><font size="2"><font size="2">Item 4 and 4T.</font></font></a></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A008Item4"><font size="2"><font size="2">Controls and Procedures.</font></font></a></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><a href="#A009Part2"><font size="2"><b><font size="2">PART II.</font></b></font></a></b></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><a href="#A009Part2"><font size="2"><b><font size="2">OTHER INFORMATION</font></b></font></a></b></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A010Item6"><font size="2"><font size="2">Item 6.</font></font></a></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><a href="#A010Item6"><font size="2"><font size="2">Exhibits.</font></font></a></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><a href="#A011Sign"><font size="2"><b><font size="2">SIGNATURES</font></b></font></a></b></p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">i</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt">&nbsp;</p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</font></b></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">This document contains &ldquo;forward-looking statements&rdquo; within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are &ldquo;forward-looking statements&rdquo; for the purposes of the federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financials
        items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Forward-looking statements may include the words &ldquo;may,&rdquo; &ldquo;could,&rdquo; &ldquo;will,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;continue,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect&rdquo; or &ldquo;anticipate&rdquo; or other similar words. These forward-looking statements present our estimates and assumptions only as of the date of this report. Except
        for our ongoing obligation to disclose material information as required by the federal securities laws, we do not intend, and undertake no obligation, to update any forward-looking statement.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The
        factors impacting these risks and uncertainties include but are not limited to:</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="72">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Increased competitive pressures from existing competitors and new entrants;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="72">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Increases in interest rate or our cost of borrowing or a default under any material debt agreement;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="72">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Deterioration in general or regional economic conditions;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="72">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Adverse state or federal legislation or regulation that increases the costs of compliance, or adverse findings by a regulator with respect to existing operations;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="72">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Loss of customers or sales weakness;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="72">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Inability to achieve future sales levels or other operating results;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="72">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">The unavailability of funds for capital expenditures; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="72">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="24">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Operational inefficiencies in distribution or other systems.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">For a detailed description of these and other factors that could cause actual results to differ materially from those expressed in any forward-looking statement, please see &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K for the year ended December 31, 2009.</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">ii</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt">&nbsp;</p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 9pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2"><a name="A001Part1"></a>PART I </font></b></p>
                    </td>

                    <td style="PADDING-BOTTOM: 9pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">FINANCIAL INFORMATION</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 9pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2"><a name="A002Item1"></a>Item 1. </font></b></p>
                    </td>

                    <td style="PADDING-BOTTOM: 9pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">Financial Statements.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font size="2"><strong><a name="A003BalSheet"></a>FLEXIBLE SOLUTIONS INTERNATIONAL, INC.</strong></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font size="2"><strong>CONSOLIDATED BALANCE SHEETS</strong></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font size="2"><strong>At March 31, 2010</strong></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font size="2"><strong>(U.S. Dollars)</strong></font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 128.25pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">March 31,</font></b><br>
                        <b><font size="1">2010</font></b><br>
                        <b><font size="1">(Unaudited)</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><br>
                        <b><font size="1">December 31,</font></b><br>
                        <b><font size="1">2009</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Assets</font></b></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Current</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Cash and cash equivalents</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,635,930</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,126,150</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Accounts receivable</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,112,830</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,544,364</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Inventory</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,998,962</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,796,307</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 22pt"><font size="2">Prepaid expenses</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">119,193</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">121,353</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">6,866,915</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">6,588,175</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Property, equipment and leaseholds</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">7,472,227</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">7,314,926</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Patents</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">229,241</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">224,505</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Long term deposits</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">7,741</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">7,499</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Deferred tax asset</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">119,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">119,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 1.5pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">14,695,124</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">14,254,105</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Liabilities</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Current</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Accounts payable and accrued liabilities</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">455,549</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">597,307</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Taxes payable</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">129,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">304,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 22pt"><font size="2">Current portion of long term debt</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">106,420</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">74,146</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">690,969</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">975,453</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Long Term</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 89.25pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 87pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 22pt"><font size="2">Loans</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,257,913</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,211,168</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,948,882</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3,186,621</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Stockholders&rsquo; Equity</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Capital stock</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Authorized</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">50,000,000 Common shares with a par value of $0.001 each</font></p>

                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27pt"><font size="2">1,000,000 Preferred shares with a par value of $0.01 each</font></p>

                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Issued and outstanding</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">13,962,567 (2009: 13,962,567) common shares</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">13,963</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">13,963</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Capital in excess of par value</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">16,485,088</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">16,456,903</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Other comprehensive income </font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">466,109</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">331,208</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Deficit</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(5,218,918</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(5,734,591</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Total Stockholders&rsquo; Equity</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">11,746,242</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">11,067,483</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 1.5pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Total Liabilities and Stockholders&rsquo; Equity</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">14,695,124</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">14,254,105</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">Commitments, Contingencies and Subsequent Events (Notes 13, 14 &amp; 15)</font></b></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt"><font size="2">-- See Notes to Unaudited Consolidated Financial Statements --</font></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">1</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2"><a name="A004StmtOps"></a>FLEXIBLE SOLUTIONS INTERNATIONAL, INC.</font></b></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">CONSOLIDATED STATEMENTS OF OPERATIONS</font></b></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">For the Three Months Ended March 31, 2010 and 2009</font></b></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt"><b><font size="2">(U.S. Dollars -- Unaudited)</font></b></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="7" nowrap>
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Three Months Ended March 31,</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2010</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: 0pt; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <b><font size="1">2009</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 89.64%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Sales</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3,384,846</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,659,548</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Cost of sales</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,852,532</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,012,546</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Gross profit</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,532,314</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">647,002</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Operating expenses</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Wages</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">377,153</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">306,590</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Administrative salaries and benefits</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">84,355</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">88,431</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Advertising and promotion</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">28,774</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">22,072</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Investor relations and transfer agent fee</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">23,496</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">38,256</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Office and miscellaneous</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">100,206</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">56,698</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Insurance</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">50,616</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">52,903</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Interest expense</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">18,742</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">11,385</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Rent</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">41,183</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">56,619</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Consulting</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">33,227</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">27,475</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Professional fees</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">41,611</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">42,488</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Travel</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">25,503</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">31,212</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Telecommunications</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">9,772</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">6,783</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Shipping</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">5,868</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">10,385</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Research</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">18,855</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,894</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Commissions</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">42,384</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">23,705</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Bad debt expense (recovery)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">5,253</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(590</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Currency exchange</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">10,284</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(13,518</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 22pt"><font size="2">Utilities</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">30,359 </font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">13,443</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><font size="2">Total operating expenses</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">947,641</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">780,231</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Operating Income (loss) </font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">584,673</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(133,229</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Interest income</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">78</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Income (loss) before income tax</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">584,673</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(133,151</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Provision for income taxes</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(69,000</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Net income (loss)</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">515,673</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(133,151</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Net income (loss) per share (basic and diluted)</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">0.04</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">( 0.01</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Weighted average number of common shares </font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">13,962,567</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">14,062,567</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; LINE-HEIGHT: 98.28%; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">2</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2"><a name="A005CashFlow"></a>FLEXIBLE SOLUTIONS INTERNATIONAL, INC.</font></b></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></b></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">For the Three Months Ended March 31, 2010 and 2009</font></b></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt"><b><font size="2">(U.S. Dollars -- Unaudited)</font></b></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="7" nowrap>
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Three Months Ended March 31,</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 132pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <b><font size="1">2010</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: 0pt; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">
                        <b><font size="1">2009</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Operating activities</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Net income (loss)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">515,673</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(133,229</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Stock compensation expense</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">28,186</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">66,292</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Depreciation</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">86,738</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">100,083</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Changes in non-cash working capital items:</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -16.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">(Increase) Decrease in accounts receivable</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(565,878</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(468,668</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -16.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">(Increase) Decrease in inventory</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(180,130</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">299,484</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -16.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">(Increase) Decrease in prepaid expenses</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3,630</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">46,621</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Increase (Decrease) in accounts payable</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(40,167</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(40,167</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 22pt"><font size="2">Increase (Decrease) in taxes payable</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">69,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Cash provided by (used in) operating activities</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(429,588</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(129,584</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Investing activities</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Long term deposits</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">5,606</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Development of patents</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash; </font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">9,783</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 22pt"><font size="2">Acquisition of property and equipment</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(76,320</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(205,760</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Cash provided by (used in) investing activities</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(76,320</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(190,371</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Financing activities</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 22pt"><font size="2">Loan</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash; </font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(61,092</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 22pt"><font size="2">Proceeds from issuance of common stock</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Cash provided by financing activities</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(61,092</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><font size="2">Effect of exchange rate changes on cash</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">15,688</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(4,741</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Inflow (outflow) of cash</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(490,220</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(385,788</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><font size="2">Cash and cash equivalents, beginning </font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,126,150</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,894,045</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><b><font size="2">Cash and cash equivalents, ending</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,635,930</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,508,257</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><b><font size="2">Supplemental disclosure of cash flow information:</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Income taxes paid</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">69,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><font size="2">Interest paid</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">18,742</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">11,385</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt"><font size="2">-- See Notes to Unaudited Consolidated Financial Statements --</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">3</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2"><a name="A006Notes"></a>FLEXIBLE SOLUTIONS INTERNATIONAL, INC.</font></b></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></b></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">For the Period Ended March 31, 2010</font></b></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt"><b><font size="2">(U.S. Dollars)</font></b></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">1.</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">BASIS OF PRESENTATION.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">These unaudited consolidated financial statements of Flexible Solutions International, Inc (the &ldquo;Company&rdquo;) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. These financial statements are condensed and do not include all disclosures required for annual financial statements. The organization
        and business of the Company, accounting policies followed by the Company and other information are contained in the notes to the Company&rsquo;s audited consolidated financial statements filed as part of the Company&rsquo;s December 31, 2009 Annual Report on Form 10-K. This quarterly report should be read in conjunction with such annual report.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">In the opinion of the Company&rsquo;s management, these consolidated financial statements reflect all adjustments necessary to present fairly the Company&rsquo;s consolidated financial position at March 31, 2010, and the consolidated results of operations and the consolidated statements of cash flows for the three months ended March 31, 2010 and 2009. The results of operations for the
        three months ended March 31, 2010 are not necessarily indicative of the results to be expected for the entire fiscal year.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">These consolidated financial statements include the accounts of Flexible Solutions International, Inc. (the &ldquo;Company&rdquo;), and its wholly-owned subsidiaries Flexible Solutions, Ltd. (&ldquo;Flexible Ltd.&rdquo;) and NanoChem Solutions Inc. All inter-company balances and transactions have been eliminated. The Company was incorporated May 12, 1998 in the State of Nevada and had no
        operations until June 30, 1998.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company and its subsidiaries develop, manufacture and market specialty chemicals which slow the evaporation of water. The Company&rsquo;s primary product, HEAT$AVR&reg;, is marketed for use in swimming pools and spas where its use, by slowing the evaporation of water, allows the water to retain a higher temperature for a longer period of time and thereby reduces the energy required to
        maintain the desired temperature of the water in the pool. Another product, WATER$AVR&reg;, is marketed for water conservation in irrigation canals, aquaculture, and reservoirs where its use slows water loss due to evaporation. In addition to the water conservation products, the Company also manufacturers and markets water-soluble chemicals utilizing thermal polyaspartate biopolymers (hereinafter referred to as &ldquo;TPAs&rdquo;), which are beta-proteins manufactured from the common
        biological amino acid, L-aspartic. TPAs can be formulated to prevent corrosion and scaling in water piping within the petroleum, chemical, utility and mining industries. TPAs are also used as proteins to enhance fertilizers in improving crop yields and as additives for household laundry detergents, consumer care products and pesticides. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">2.</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">SIGNIFICANT ACCOUNTING POLICIES.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States applicable to a going concern and reflect the policies outlined below.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(a)</font></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><i><font size="2">Cash and Cash Equivalents</font></i><font size="2">.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company considers all highly liquid investments purchased with an original or remaining maturity of less than three months at the date of purchase to be cash equivalents. Cash and cash equivalents are maintained with several financial institutions.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">4</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(b)</font></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><i><font size="2">Inventories and Cost of Sales</font></i></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company has four major classes of inventory: finished goods, work in progress, raw materials and supplies. In all classes, inventory is valued at the lower of cost and market. Cost is determined on a first-in, first-out basis. Cost of sales includes all expenditures incurred in bringing the goods to the point of sale. Inventory costs and costs of sales include direct costs of the raw
        material, inbound freight charges, warehousing costs, handling costs (receiving and purchasing) and utilities and overhead expenses related to the Company&rsquo;s manufacturing and processing facilities.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(c)</font></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><i><font size="2">Allowance for Doubtful Accounts</font></i></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company provides an allowance for doubtful accounts when management estimates collectibility to uncertain. Accounts receivable are continually reviewed to determine which, if any, accounts are doubtful of collection. In making the determination of the appropriate allowance amount, the Company considers current economic and industry conditions, relationships with each significant
        customer, overall customer credit-worthiness and historical experience. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(d)</font></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><i><font size="2">Property, Equipment and Leaseholds</font></i><font size="2">.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The following assets are recorded at cost and depreciated using the methods and annual rates shown below:</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0in" border="0" cellspacing="0" cellpadding="0" width="638" align="center">
                <tr bgcolor="#e6e6e6">
                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1.5pt solid; PADDING-TOP: 0in" valign="top" width="297">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Computer hardware</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1.5pt solid; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1.5pt solid; PADDING-TOP: 0in" valign="top" width="280">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">30% Declining balance</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="297">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Automobile</font></p>
                    </td>

                    <td valign="top" width="62">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="280">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">30% Declining balance</font></p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top" width="297">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Trade show booth</font></p>
                    </td>

                    <td valign="top" width="62">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="280">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">30% Declining balance</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="297">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Furniture and fixtures</font></p>
                    </td>

                    <td valign="top" width="62">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="280">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">20% Declining balance</font></p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top" width="297">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Manufacturing equipment</font></p>
                    </td>

                    <td valign="top" width="62">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="280">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">20% Declining balance</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="297">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Office equipment</font></p>
                    </td>

                    <td valign="top" width="62">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="280">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">20% Declining balance</font></p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top" width="297">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Building and improvements</font></p>
                    </td>

                    <td valign="top" width="62">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="280">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">10% Declining balance</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-BOTTOM: black 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" width="297">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Leasehold improvements</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" width="62">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" width="280">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Straight-line over lease term</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.45in">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Depreciation is recorded at half for the year the assets are first purchased. Property and equipment are written down to net realizable value when management determines there has been a change in circumstances which indicates its carrying amount may not be recoverable. No write-downs have been necessary to date. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Costs capitalized on self-constructed assets classified as plant under construction, include contracted costs and supplies, but do not capitalize interest costs. The Company does not commence depreciating its plant under construction until it becomes operational.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(e)</font></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><i><font size="2">Impairment of Long-Lived Assets</font></i><font size="2">.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">In accordance with FASB Codification Topic 360, &ldquo;Property, Plant and Equipment (ASC 360), the Company reviews long-lived assets, including, but not limited to, property and equipment, patents and other assets, for impairment annually or whenever events or changes in circumstances indicate the carrying amounts of assets may not be recoverable. The carrying value of long-lived assets
        is assessed for impairment by evaluating operating performance and future undiscounted cash flows of the underlying assets. If the sum of the expected future cash flows of an asset is less than its carrying value, an impairment measurement is indicated. Impairment charges are recorded to the extent that an asset&rsquo;s carrying value exceeds its fair value. Accordingly, actual results could vary significantly from such estimates. There were no impairment charges during the periods
        presented.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">5</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
            <tr>
                <td valign="top" width="5%" nowrap>&nbsp;</td>

                <td valign="top" width="5%" nowrap><font size="2">(f)</font><font size="1">&nbsp;</font></td>

                <td valign="top" nowrap><i><font size="2">Foreign Currency</font></i><font size="2">.</font></td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The functional currency of one of the Company&rsquo;s subsidiaries is the Canadian Dollar. The translation of the Canadian Dollar to the reporting currency of the U.S. Dollar is performed for assets and liabilities using exchange rates in effect at the balance sheet date. Revenue and expense transactions are translated using average exchange rates prevailing during the year. Translation
        adjustments arising on conversion of the financial statements from the subsidiary&rsquo;s functional currency, Canadian Dollars, into the reporting currency, U.S. Dollars, are excluded from the determination of income (loss) and are disclosed as other comprehensive income (loss) in stockholders&rsquo; equity.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Foreign exchange gains and losses relating to transactions not denominated in the applicable local currency are included in operating income (loss) if realized during the year and in comprehensive income (loss) if they remain unrealized at the end of the year.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(g)</font></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><i><font size="2">Revenue Recognition</font></i><font size="2">.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Revenue from product sales is recognized at the time the product is shipped since title and risk of loss are transferred to the purchaser upon delivery to the carrier. Shipments are made F.O.B. shipping point. The Company recognizes revenue when there is persuasive evidence of an arrangement, delivery to the carrier has occurred, the fee is fixed or determinable, collectibility is
        reasonably assured and there are no significant remaining performance obligations. When significant post-delivery obligations exist, revenue is deferred until such obligations are fulfilled. To date there have been no such significant post-delivery obligations.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Provisions are made at the time the related revenue is recognized for estimated product returns. Since the Company&rsquo;s inception, product returns have been insignificant; therefore no provision has been established for estimated product returns.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(h)</font></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><i><font size="2">Stock Issued in Exchange for Services</font></i><font size="2">.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company&rsquo;s common stock issued in exchange for services is valued at an estimated fair market value based upon trading prices of the Company&rsquo;s common stock on the dates of the stock transactions. The corresponding expense of the services rendered is recognized over the period that the services are performed.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(i)</font></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><i><font size="2">Stock-based Compensation</font></i><font size="2">.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company recognizes compensation expense for all share-based payments, in accordance with FASB Codification Topic 718, </font><i><font size="2">Compensation</font></i><font size="2">&nbsp;</font><i><font size="2">&mdash; Stock Compensation</font></i><font size="2">, (ASC 718). Under the fair value recognition provisions of ASC 718, the Company recognizes share-based compensation expense,
        net of an estimated forfeiture rate, over the requisite service period of the award. </font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Shares of newly issued common stock will be issued upon exercise of stock options or vesting of restricted share units.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The fair value at grant date of stock options is estimated using the Black-Scholes-Merton option-pricing model. Compensation expense is recognized on a straight-line basis over the stock option vesting period based on the estimated number of stock options that are expected to vest. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">6</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
            <tr>
                <td valign="top" width="5%" nowrap>&nbsp;</td>

                <td valign="top" width="5%" nowrap><font size="2">(j)</font></td>

                <td valign="top" nowrap><i><font size="2">Comprehensive Income</font></i><font size="2">.</font></td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Other comprehensive income refers to revenues, expenses, gains and losses that under generally accepted accounting principles are included in comprehensive income, but are excluded from net income as these amounts are recorded directly as an adjustment to stockholders&rsquo; equity. The Company&rsquo;s other comprehensive income is primarily comprised of unrealized foreign exchange gains
        and losses.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(k)</font></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><i><font size="2">Income (loss) Per Share</font></i><font size="2">.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Basic earnings (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average number of common shares outstanding in the period. Diluted earnings (loss) per share are calculated giving effect to the potential dilution of the exercise of options and warrants. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(l)</font></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><i><font size="2">Use of Estimates</font></i><font size="2">.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual
        results could differ from those estimates and would impact the results of operations and cash flows.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
            <tr>
                <td valign="top" width="5%" nowrap>&nbsp;</td>

                <td valign="top" width="5%" nowrap><font size="2">(m)</font></td>

                <td valign="top" nowrap><font size="2"><i>Financial Instruments</i>.</font></td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The fair market value of the Company&rsquo;s financial instruments comprising cash and cash equivalents, accounts receivable, long term deposits and accounts payable were estimated to approximate their carrying values due to immediate or short-term maturity of these financial instruments. The Company maintains cash balances at financial institutions which at times, exceed federally
        insured amounts. The Company has not experienced any material losses in such accounts.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company is exposed to foreign exchange and interest rate risk to the extent that market value rate fluctuations materially differ from financial assets and liabilities, subject to fixed long-term rates.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
            <tr>
                <td valign="top" width="5%" nowrap>&nbsp;</td>

                <td valign="top" width="5%" nowrap><font size="2">(n)</font></td>

                <td valign="top" nowrap><i><font size="2">Fair Value of Financial Instruments</font></i></td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">In August 2009, an update was made to </font><i><font size="2">Fair Value Measurements and Disclosures</font></i><font size="2">&nbsp;</font><i><font size="2">&mdash; &ldquo;Measuring Liabilities at Fair Value.&rdquo; </font></i><font size="2">This update permits entities to measure the fair value of liabilities, in circumstances in which a quoted price in an active market for an
        identical liability is not available, using a valuation technique that uses a quoted price of an identical liability when traded as an asset, quoted prices for similar liabilities or similar liabilities when traded as assets or the income or market approach that is consistent with the principles of </font><i><font size="2">Fair Value Measurements and Disclosures</font></i><font size="2">. Effective upon issuance, the Company has adopted this guidance with no material impact to the
        Company&rsquo;s consolidated financial statements. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use
        of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs described below, of which the first two are considered observable and the last unobservable, that may be used to measure fair value.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%">
                        <p style="TEXT-ALIGN: justify; LINE-HEIGHT: 162%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="TEXT-ALIGN: left; LINE-HEIGHT: 162%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; LINE-HEIGHT: 162%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Level 1 &ndash;&nbsp;Quoted prices in active markets for identical assets or liabilities</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">7</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Level 2 &ndash; Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="4"><b>&bull;</b></font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Level 3 &mdash; Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The fair values of cash and cash equivalents, accounts receivable, long term deposits and accounts payable for all periods presented approximate their respective carrying amounts due to the short term nature of these financial instruments. The fair values of long term debt approximate their carrying amounts as they bear market rates of interest.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(o)</font></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><i><font size="2">Contingencies</font></i></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">&nbsp;Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company&rsquo;s management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss
        contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company&rsquo;s legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, the estimated liability would be accrued in the Company&rsquo;s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be
        estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
            <tr>
                <td valign="top" width="5%" nowrap>&nbsp;</td>

                <td valign="top" width="5%" nowrap><font size="2">(p)</font></td>

                <td valign="top" nowrap><i><font size="2">Income Taxes</font></i> </td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="1">&nbsp;&nbsp;</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Federal, state and foreign income taxes are computed at current tax rates, less tax credits. Provisions for income taxes include amounts that are currently payable, plus changes in deferred income tax assets and liabilities. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences
        attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
        in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance so that the assets are recognized only to the extent that when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will be realized. </font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">8</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
            <tr>
                <td valign="top" width="5%" nowrap>&nbsp;</td>

                <td valign="top" width="5%" nowrap><font size="2">(q)</font></td>

                <td valign="top" nowrap><i><font size="2">Risk Management</font></i> </td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company&rsquo;s credit risk is primarily attributable to its accounts receivable. The amounts presented in the accompanying consolidated balance sheets are net of allowances for doubtful accounts, estimated by the Company&rsquo;s management based on prior experience and the current economic environment. &nbsp;&nbsp;The Company is exposed to credit-related losses in the event of
        non-performance by counterparties to the financial instruments. Credit exposure is minimized by dealing with only credit worthy counterparties. Accounts receivable for the three primary customers totals $1,029,999 (49%) as at March 31, 2010 (2009 - $1,030,960 or 67%).&nbsp;</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The credit risk on cash and cash equivalents is limited because the Company limits its exposure to credit loss by placing its cash and cash equivalents with major financial institutions. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company is not exposed to significant interest rate risk to the extent that long term debt owed to foreign government agencies is subject to a fixed rate of interest.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">In order to manage its exposure to foreign exchange risks, the Company is closely monitoring the fluctuations in the foreign currency exchange rates and the impact on the value of cash and cash equivalents, accounts receivable, and accounts payable. </font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">( r )</font></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><i><font size="2">Recent Accounting Pronouncements</font></i></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">In October 2009, the FASB issued Accounting Standards Update (ASU) 2009-13, </font><i><font size="2">Multiple-Deliverable Revenue Arrangement </font></i><font size="2">(ASU 2009-13)</font><i><font size="2">, </font></i><font size="2">which amends Codification Topic 605, </font><i><font size="2">Revenue Recognition</font></i><font size="2">. This update provides amendments to the criteria
        for separating deliverables, measuring and allocating arrangement consideration to one or more units of accounting. This update also establishes a selling price hierarchy for determining the selling price of a deliverable. ASU 2009-13 is effective for revenue arrangements entered into or materially modified in fiscal years beginning on or after June&nbsp;15, 2010. The Company is currently evaluating the impact the adoption of the update may have on its consolidated results of operations
        and financial position. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">In June 2009, the FASB issued ASU No.&nbsp;2009-1 to FASB Codification Topic 105, </font><i><font size="2">Generally Accepted Accounting Principles</font></i><font size="2">, based on SFAS&nbsp;No.&nbsp;168, </font><i><font size="2">FASB Accounting Guidance Standards Codification and the Hierarchy of Generally Accepted Accounting
        Principles</font></i><font size="2">&nbsp;</font><i><font size="2">&mdash; a replacement of SFAS</font></i><font size="2">&nbsp;</font><i><font size="2">No.</font></i><font size="2">&nbsp;</font><i><font size="2">162</font></i><font size="2">. This statement establishes that the FASB Codification becomes the single official source of authoritative U.S.&nbsp;GAAP superseding all non-SEC accounting and reporting standards and literature. Only one level of authoritative U.S.&nbsp;GAAP will
        exist and all other literature will be considered non-authoritative. The FASB Codification became effective for interim and annual periods ending on or after September&nbsp;15, 2009. The Company adopted the FASB Codification beginning in the fourth quarter of fiscal 2009. Given that the FASB Codification does not change U.S.&nbsp;GAAP, this statement had no impact on the Company&rsquo;s consolidated financial condition or results of operations. Where possible, previously disclosed FASB
        references have been replaced with FASB Codification references. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">In June 2009, an update was made to ASC 810, </font><i><font size="2">Consolidation</font></i><font size="2">. This update amends previous guidance to require the Company to perform an analysis to determine whether its variable interests give it a controlling financial interest in a variable interest entity. The update is effective for annual periods beginning after November&nbsp;15,
        2009, for interim periods within that first annual reporting period, and for interim and annual reporting periods thereafter. The Company is currently evaluating the impact the adoption of the update may have on its consolidated results of operations and financial position. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">In May 2009, the FASB issued guidance which is included in FASB Codification Topic 855, </font><i><font size="2">Subsequent Events, </font></i><font size="2">(ASC 855). ASC 855 establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. The Company </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">9</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0%; MARGIN-BOTTOM: 0pt"><font size="2">has evaluated subsequent events through March&nbsp;31, 2010 for appropriate accounting and disclosure in accordance with this standard. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">In April 2009, the FASB issued guidance which is included in FASB Codification Topic 320, </font><i><font size="2">Investments</font></i><font size="2">&nbsp;</font><i><font size="2">&mdash; Debt and Equity Securities, </font></i><font size="2">(ASC 320). ASC 320 amended the other-than-temporary impairment guidance for debt securities to make the guidance more operational and to improve
        the presentation and disclosure of other-than-temporary impairments on debt and equity securities. The Company&rsquo;s implementation of this standard on May&nbsp;1, 2009 did not have a significant impact on its consolidated statements of operations and financial position. </font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3.</font></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Accounts Receivable</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 5%" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2010</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2009</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Accounts receivable</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,126,856</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,552,723</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><font size="2">Allowances for doubtful accounts</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(14,026</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(8,359</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: white 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,112,830</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,544,364</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company has pledged $350,748 of the above listed accounts receivable as collateral for the Flexible Solutions Ltd. loan from AFSC (see Note 8b).</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">4.</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">INVENTORIES</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2010</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2009</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Completed goods</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,010,150</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,670,485</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Works in progress</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">873</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">96,935</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><font size="2">Raw materials</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">987,939</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,028,887</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,998,962</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,796,307</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">5.</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">PROPERTY, PLANT &amp; EQUIPMENT</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2010</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Accumulated</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2010</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Cost</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Depreciation</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Net</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Buildings</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">4,206,105</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,430,072</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,776,033</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Building Improvements</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,044,367</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,044,367</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Computer hardware</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">85,660</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">66,102</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">19,558</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Furniture and fixtures</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">26,822</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">16,639</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">10,183</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Office equipment</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">22,733</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">17,776</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">4,957</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Manufacturing equipment</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">4,641,855</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,653,508</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,988,347</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Trailer</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">27,479</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">13,544</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">13,935</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Technology</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">134,480</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">134,480</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Trade show booth</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">8,554</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">7,424</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,130</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Truck</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">11,705</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">5,263</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">6,442</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><font size="2">Land</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">472,795</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">472,795</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">10,682,555</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3,210,328</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">7,472,227</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">10</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2009</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Accumulated</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2009</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Cost</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Depreciation</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Net</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Buildings</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">4,171,305</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,385,381</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,785,924</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Building Improvements</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,003,156</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,003,156</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Computer hardware</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">83,725</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">63,022</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">20,703</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Furniture and fixtures</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">26,170</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">15,693</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">10,477</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Office equipment</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">21,973</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">16,929</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">5,044</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Manufacturing equipment</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">4,481,619</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,608,101</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,873,518</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Trailer</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">26,560</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">12,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">14,560</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Technology</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">129,985</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">129,985</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Trade show booth</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">8,268</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">7,088</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,180</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Truck</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">11,313</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">4,582</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">6,731</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><font size="2">Land</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">463,648</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">463,648</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">10,427,722</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3,112,796</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">7,314,926</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Amount of depreciation expense for 2010: $83,806 (2009: $100,083)</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The following carrying amount of capital assets held by Flexible Solutions Ltd. serves as collateral for the AFSC loan. (See Note 8b):</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-TOP: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Land</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">273,703</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Building</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,037,740</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Building improvements</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,044,367</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Manufacturing equipment</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,415,637</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Trailer</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">13,934</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Truck</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">6,441</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Trade show booth</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,130</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Technology</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">134,480</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
            <tr>
                <td valign="top" width="5%" nowrap><font size="2"><strong>6.</strong></font></td>

                <td valign="top" nowrap><font size="2"><strong>PATENTS</strong></font></td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">In fiscal 2005, the Company started the patent process for additional WATER$AVR&reg; products. Patents associated with these costs were granted in 2006 and they have been amortized over their legal life of 17 years. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Of the patents costs listed below, $77,932 are not subject to amortization as of March 31, 2010, as the patents are still in the process of being approved.</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in"><font size="2">&nbsp;&nbsp;&nbsp;</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2010</font></b><br>
                        <b><font size="1">Cost</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="top" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in"><font size="2">&nbsp;&nbsp;&nbsp;</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Accumulated</font></b><br>
                        <b><font size="1">Amortization</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="top" width="2%">&nbsp;</td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="top" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in"><font size="2">&nbsp;&nbsp;&nbsp;</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1px solid; BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2010</font></b><br>
                        <b><font size="1">Net</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in"><font size="2">&nbsp;&nbsp;&nbsp;</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Patents</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">260,975</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">31,734</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">229,241</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr>
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" colspan="2">
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" colspan="2">
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" colspan="2">
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="bottom" style="BORDER-BOTTOM: black 1pt solid">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2" style="BORDER-BOTTOM: black 1pt solid">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2009</font></b><br>
                        <b><font size="1">Cost</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2" style="BORDER-BOTTOM: black 1pt solid">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Accumulated</font></b><br>
                        <b><font size="1">Amortization</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2" style="BORDER-BOTTOM: black 1pt solid">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2009</font></b><br>
                        <b><font size="1">Net</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Patents</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">252,273</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">27,768</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">224,505</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">11</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Increase in 2010 cost was mainly due to currency conversion. 2010 cost in Canadian dollars - $265,102 (2009 - $264, 519 in Canadian dollars).</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Amount of depreciation for 2010 - $2,932 (2009 - $1,864)</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Estimated depreciation expense over the next five years is as follows:</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-TOP: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2010</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">11,726</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2011</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">11,726</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2012</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">11,726</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2013</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">11,726</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2014</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">11,726</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
            <tr>
                <td valign="top" width="5%" nowrap><font size="2"><strong>7.</strong></font></td>

                <td valign="top" nowrap><font size="2"><strong>LONG TERM DEPOSITS</strong></font></td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 12pt"><font size="2">The Company has reclassified certain security deposits to better reflect their long term nature. Long term deposits consist of damage deposits held by landlords and security deposits held by various vendors.</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0.5in" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr>
                    <td style="BORDER-TOP: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                      <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2010</font></b></p>
                  </td>

              <td style="BORDER-TOP: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                      <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2009</font></b></p>
                  </td>

              <td style="BORDER-TOP: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Long term deposits</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top" width="2%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid; BORDER-LEFT: medium none; BORDER-TOP: 0pt; BORDER-RIGHT: medium none" valign="top" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">7,741</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top" width="2%">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid; BORDER-LEFT: medium none; BORDER-TOP: 0pt; BORDER-RIGHT: medium none" valign="top" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">7,499</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">8.</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">LONG TERM DEBT</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b>(<font size="2">a</font>)</b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexible Solutions Ltd. has received a non-interest bearing loan from the Department of Agriculture and Agri-Food Canada (&ldquo;AAFC&rdquo;). Eligible for up to $1,000,000 Canadian funds, the Company had borrowed $910,801 in Canadian funds ($896,592) as of March 31, 2010, on an
        unsecured basis. If the full amount is borrowed, the repayment schedule is as follows:</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0.5in" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr>
                    <td valign="bottom">
                      <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><u><font size="2">Amount Due (in CDN funds)</font></u></p>
                  </td>

              <td valign="top" width="10%">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                      <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><u><font size="2">Payment Due Date</font></u></p>
                  </td>

              <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$200,000</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">January 1, 2012</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$200,000</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">January 1, 2013</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$200,000</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">January 1, 2014</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$200,000</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">January 1, 2015</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$200,000</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">January 1, 2016</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt"><b><font size="2">(b)</font></b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flexible Solutions Ltd. has also received a 5% simple interest loan from Agriculture Financial Services Corp. (&ldquo;AFSC&rdquo;). Eligible for up to $2,000,000 Canadian funds, the Company had borrowed $1,491,000 in Canadian funds ($1,418,687 US) as of March 31, 2010. The
        Company is required to make interest payments until May 1, 2010 and then must pay down the principal in equal payments until May 1, 2014. The Company has pledged its building in Taber, Alberta, as well as equipment, inventory and accounts receivable (see Notes 3 and 5) as collateral, as well as signed a promissory note guaranteeing the amount of the loan.</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">12</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div align="center">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%">
                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">Continuity:</font></b></p>
                    </td>

                    <td valign="top" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="10%">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font size="2">Balance at December 31, 2008</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,546,836</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font size="2">Add: proceeds from long term debt</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font size="2">462,155</font></p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">Effect of exchange rate</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font size="2">276,323</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font size="2">Balance at December 31, 2009</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,885,314</font></p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">Effect of exchange rate</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font size="2">79,019</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">Balance at March 31, 2010</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="top">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,364,333</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">Outstanding balance at:</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2010</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2009</font></b></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 34.55pt"><font size="2">a) Long term debt &ndash; AAFC</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">896,593</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">866,627</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 34.55pt"><font size="2">b) Long term debt &ndash; AFSC</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,467,740</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,418,687</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Long term debt</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,364,333</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,285,314</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><font size="2">Less current portion</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(106,420</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(74,146</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,257,913</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,211,168</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">9.</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">STOCK OPTIONS</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The&nbsp;Company&nbsp;adopted a stock option plan (&ldquo;Plan&rdquo;). The purpose of this Plan is to&nbsp; provide&nbsp; additional&nbsp; incentives&nbsp; to&nbsp; key&nbsp; employees, officers, directors and consultants&nbsp; of&nbsp; the&nbsp; Company&nbsp; and its subsidiaries in order to help attract and retain&nbsp; the&nbsp; best&nbsp; available&nbsp; personnel&nbsp; for&nbsp;
        positions&nbsp; of&nbsp; responsibility&nbsp; and otherwise promoting the success of its business. It is intended that options issued under&nbsp;this&nbsp;Plan&nbsp;constitute&nbsp;non-qualified&nbsp;stock options. The general&nbsp;terms&nbsp;of awards under&nbsp;the option plan are that 100% of the options granted&nbsp;will vest the year following the grant. The&nbsp;maximum&nbsp;term&nbsp;of&nbsp;options granted is 5 years.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company may issue stock options and stock bonuses for shares of its common stock to provide incentives to directors, key employees and other persons who contribute to the success of the Company. The exercise price of all incentive options are issued for not less than fair market value at the date of grant.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The following table summarizes the Company&rsquo;s stock option activity for the years ended December 31, 2008, 2009 and the period ended March 31, 2010:</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Number of shares</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Exercise price</font></p>

                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">per share</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Weighted average <br>
                        exercise price</font></p>
                  </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Balance, December 31, 2007</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 42pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,912,440</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$3.040 - $4.60</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$3.38</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Granted</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 45pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">203,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$3.60</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$3.60</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Cancelled or expired</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 48.75pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(204,740</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$3.00 - $4.60</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$3.74</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Balance, December 31, 2008</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 42pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,910,700</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$3.00 - $4.55</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$3.38</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Granted</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 51pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">122,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$2.25</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$2.25</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Cancelled or expired</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 48.75pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(486,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">)</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$3.00 - $4.55</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$3.44</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Balance, December 31, 2009</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,546,700</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$2.25 &ndash; 3.85</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$3.25</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Granted</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">155,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$1.50 &ndash; 2.25</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$1.84</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Balance, March 31, 2010</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,701,700</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$1.50 &ndash; 3.85</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$3.12</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">13</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The fair value of each option grant is calculated using the following weighted average assumptions:</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr>
                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                      <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2010</font></b></p>
                  </td>

              <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                      <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2009</font></b></p>
                  </td>

              <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Expected life &ndash; years</font></p>
                    </td>

                    <td valign="top" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 2.25pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">5.0</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 2.25pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">5.0</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Interest rate</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 2.25pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1.4</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">%</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 2.25pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1.14</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">%</font></p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Volatility </font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 2.25pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">60</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">%</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 2.25pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">65</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">%</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Dividend yield</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 2.25pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">%</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 2.25pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">%</font></p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Weighted average fair value of options granted</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                      <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                  </td>

              <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">0.31</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                      <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                  </td>

              <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1.01</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">During the three months ended March 31, 2010 the Company granted 61,000 options to consultants that resulted in $5,008 in expenses this quarter. During the same period, 94,000 options were granted to employees, resulting in $7,021 in expenses this quarter. Options granted in previous quarters resulted in additional expenses in the amount of $5,285 for consultants and $10,871 for employees
        during the quarter ended March 31, 2010. No stock options were exercised during the period.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">During the three months ended March 31, 2009 the Company granted 61,000 options to consultants that resulted in $15,346 in expenses during the quarter. During the same period, 61,000 options were granted to employees, resulting in $15,347 in expenses during the quarter. No stock options were exercised during this period.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">10.</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">WARRANTS</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">On April 14, 2005, the Company announced that it had raised $3,375,000 pursuant to a private placement. The investors in this offering purchased 900,000 shares of the Company&rsquo;s common stock at a per-share price of $3.75, together with warrants to purchase up to 900,000 additional shares of the Company&rsquo;s common stock. The warrants originally had a 4 year term and were
        exercisable at a price of $4.50 per share. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">On June&nbsp;8, 2005, the Company announced that it had raised an additional $327,750 pursuant to a private placement. An investor purchased 87,400 shares of the Company&rsquo;s common stock at a per share price of $3.75, together with a warrant to purchase up to 87,400 additional shares of the Company&rsquo;s common stock. The warrants originally had a 4 year term and were exercisable at
        a price of $4.50 per share. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">In February 2009, the Company amended the warrants granted in 2005 to a per share exercise price of $4.00 and extended the exercise term until July 31, 2009.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">In May 2007 the Company closed a $3,042,455 private placement with institutional investors. The Company sold 936,140 units at a price of $3.25 per unit. Each unit consisted of one share of common stock and one-half warrant with a three year term and an exercise price of $4.50 per share. The Company also issued 21,970 warrants with the same terms for investment banking services related to
        this transaction. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 12pt"><font size="2">In February 2010, the Company amended the warrants granted in 2007 to a per share exercise price of $3.00 and extended the exercise term until December 31, 2010.</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">14</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: justify; LINE-HEIGHT: 95%; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The following table summarizes the Company&rsquo;s warrant activity for the three years ended December 31, 2009 (no subsequent activity):</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" nowrap>
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Number of <br>
shares</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Exercise price</font><br>
                        <font size="2">per share</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Weighted average </font><br>
                        <font size="2">exercise price</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Balance, December 31, 2007 and 2008</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,477,440</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">4.50</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">4.50</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Granted</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Exercised</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Cancelled/Expired</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">987,400</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">4.50</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">4.50</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Balance, December 31, 2009</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">490,040</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3.00</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3.00</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1.5pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">11.</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">CAPITAL STOCK.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company did not issue any shares of its common stock during the three months ended March 31, 2010.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">12.</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">SEGMENTED, SIGNIFICANT CUSTOMER INFORMATION AND ECONOMIC DEPENDENCY.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company operates in two segments:</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development and marketing of two lines of energy and water conservation products (as shown under the column heading &ldquo;EWCP&rdquo; below), which consists of a (i) liquid swimming pool blanket which saves energy and water by inhibiting evaporation from the pool surface, and (ii) food-safe powdered form of the active ingredient within the liquid blanket
        and which is designed to be used in still or slow moving drinking water sources.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufacture of biodegradable polymers (&ldquo;BCPA&rsquo;s&rdquo;) used by the petroleum, chemical, utility and mining industries to prevent corrosion and scaling in water piping. This product can also be used in detergents to increase biodegradability and in agriculture to increase crop yields by enhancing fertilizer uptake.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The accounting policies of the segments are the same as those described in Note 2, </font><i><font size="2">Significant Accounting Policies</font></i><font size="2">. The Company evaluates performance based on profit or loss from operations before income taxes, not including nonrecurring gains and losses and foreign exchange gains and losses.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company&rsquo;s reportable segments are strategic business units that offer different, but synergistic products and services. They are managed separately because each business requires different technology and marketing strategies. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">15</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Three months ended March 31, 2010:</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">EWCP</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">BPCA</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Total</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Revenue</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">280,800</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3,104,046</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3,384,846</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Interest revenue</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Interest expense</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">17,794</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">948</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">18,742</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -27pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 27pt"><font size="2">Depreciation and amortization</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">11,278</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">75,460</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">86,738</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Segment profit (loss)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(413,520</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">929,193</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">515,673</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Segment assets</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">5,180,735</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,520,733</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">7,701,468</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Expenditures for segment assets</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">75,876</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">444</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">76,320</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Three months ended March 31, 2009:</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">EWCP</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">BPCA</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">Total</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Revenue</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">211,267</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,448,281</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="8%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,659,548</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Interest revenue</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Interest expense</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">10,173</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">1,212</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">11,385</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Depreciation and amortization</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">13,065</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">87,018</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">100,083</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Segment profit (loss)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(307,893</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">174,663</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">(133,230</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in"><font size="2">)</font></p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Segment assets</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3,351,638</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,830,683</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">6,182,321</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Expenditures for segment assets</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">202,857</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,903</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">205,760</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The sales generated in the United States and Canada are as follows:</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2010</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2009</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Canada</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">165,914</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">87,572</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><font size="2">United States and abroad</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3,218,932</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,601,976</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Total</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">3,384,846</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,659,548 </font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company&rsquo;s long-lived assets are located in Canada and the United States as follows:</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2010</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: medium none; BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: medium none" valign="bottom" colspan="2">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="1">2009</font></b></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Canada</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">5,180,735</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: 0pt" valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">4,943,238</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0.25in"><font size="2">United States</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,520,733</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">2,596,193</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">Total</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">7,701,468</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">7,539,431</font></p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Three customers accounted for $2,025,581 (59%) of sales made in the period (2009 - $1,581,211 or 59%).</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">13.</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">COMMITMENTS.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 12pt"><font size="2">The Company is committed to minimum rental payments for property and premises aggregating approximately $406,850 over the term of three leases, the last expiring on December 31, 2011.</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">16</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Commitments in each of the next five years are approximately as follows:</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-TOP: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2010</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">120,364</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2011</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">86,502</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2012</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">74,983</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2013</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">78,025</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2014</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">46,976</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">14.</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">CONTINGENCIES.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">On May 1, 2003, the Company filed a lawsuit in the Supreme Court of British Columbia, Canada, against John Wells and Equity Trust, S.A. seeking the return of 100,000 shares of its common stock and the repayment of a $25,000 loan which were provided to the defendants for investment banking services. The services were not performed and in the proceedings the Company sought the return of the
        shares and the repayment of the loan. On the date of issuance, the transaction was recorded as shares issued for services at a fair market value of $0.80 per share. On April 30, 2009 the Supreme Court of British Columbia ruled in favor of the Company and ordered Equity Trust S.A. to return the 100,000 shares and repay the loan with interest ($30,514US). The Company has reversed the expense recorded for the shares in the year ended December 31, 2009.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">15.</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">SUBSEQUENT EVENTS.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">None.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">16.</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">COMPARATIVE FIGURES.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Certain of the comparative figures have been reclassified to conform with the current year&rsquo;s presentation.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: -0.75in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.75in">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">17</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div align="left">
            <a name="A007Item2"></a>

            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">Item 2.&nbsp;&nbsp;</font></b></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">Management&rsquo;s Discussion and Analysis of Results of Operation and Financial Condition.</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">Overview</font></b></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company develops, manufactures and markets specialty chemicals that slow the evaporation of water. The Company also manufactures and markets biodegradable polymers which are used in the oil, gas and agriculture industries.</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">Results of Operations</font></b></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company has two product lines:</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Energy and Water Conservation products - The Company&rsquo;s HEAT$AVR&reg; product is used in swimming pools and spas. The product forms a thin, transparent layer on the water&rsquo;s surface. The transparent layer slows the evaporation of water, allowing the water to retain a higher temperature for a longer period of time and thereby reducing the energy required to maintain the desired
        temperature of the water. WATER$AVR&reg;, a modified version of HEAT$AVR&reg;, can be used in reservoirs, potable water storage tanks, livestock watering ponds, canals, and irrigation ditches.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0%; MARGIN-BOTTOM: 0pt"><font size="2">BCPA products - The second product, TPA&rsquo;s (i.e. thermal polyaspartate biopolymers), are biodegradable polymers used by the petroleum, chemical, utility and mining industries to prevent corrosion and scaling in water piping. This product can also be used in detergents to increase biodegradability and in agriculture to increase crop yields by enhancing fertilizer uptake.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0%; MARGIN-BOTTOM: 0pt"><font size="2">Material changes in the Company&rsquo;s Statement of Operations for the three months ended March 31, 2010 are discussed below:</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><u><font size="2">Three Months Ended March 31, 2010</font></u></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" colspan="3"><u><font size="2">Item</font></u></td>

                    <td valign="top" width="5%">&nbsp;</td>

                    <td valign="top" width="10%">
                        <p align="center"><u><font size="2"><font size="2">Increase (I) or</font><br>
                        Decrease (D)</font></u></p>
                    </td>

                    <td valign="top" width="5%">&nbsp;</td>

                    <td valign="top" colspan="2"><u><font size="2">Reason</font></u></td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top" colspan="3"><font size="2">Sales</font></td>

                    <td valign="top" width="5%">&nbsp;</td>

                    <td valign="top" width="5%">&nbsp;</td>

                    <td valign="top" width="5%">&nbsp;</td>

                    <td valign="top" colspan="2">&nbsp;</td>
                </tr>

                <tr>
                    <td valign="top" colspan="3">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top" colspan="2">&nbsp;</td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top" colspan="3"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EWCP products</font></td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">
                        <p align="center"><font size="2">I</font></p>
                    </td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top" colspan="2"><font size="2">Increase in customer inventory to more normal level has resulted in greater sales.</font></td>
                </tr>

                <tr>
                    <td valign="top" colspan="3">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top" colspan="2">&nbsp;</td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top" colspan="3"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCA products</font></td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">
                        <p align="center"><font size="2">I</font></p>
                    </td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top" colspan="2"><font size="2">Return to more normalized business in 2010 as opposed to 2009 has resulted in greater revenue across the division.</font></td>
                </tr>

                <tr>
                    <td valign="top" colspan="3">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top" colspan="2">&nbsp;</td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top" colspan="3">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Gross Profit</font><font size="1">&nbsp;</font></p>
                    </td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">I</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Increased sales.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" colspan="3">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top" colspan="2">&nbsp;</td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top" colspan="3">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Wages</font></p>
                    </td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">I</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Increased sales.</font><font size="1">&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" colspan="3">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top" colspan="2">&nbsp;</td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top" colspan="3">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Research</font></p>
                    </td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">I</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">New product development.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" colspan="3">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top" colspan="2">&nbsp;</td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top" colspan="3">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Office and miscellaneous</font></p>
                    </td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>

                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">I</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Various administrative costs associated with the start up of the new facility have been allocated to this account. Once the facility is operational, these costs will be allocated to overhead.</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="20%">
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>

                    <td>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">18</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr bgcolor="#e6e6e6">
                    <td valign="top" width="20%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Rent</font></p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top" width="10%">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">D</font></p>
                    </td>

                    <td valign="top" width="5%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">A lease at a former location expired in 2009. </font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Commissions</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">I</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Increased sales for the quarter resulted in higher commissions.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>

                    <td valign="top">&nbsp;</td>
                </tr>

                <tr bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Utilities</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">I</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Increased work at the Taber plant has required increased used of energy. Once the facility is operational, these costs will be allocated to overhead.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0pt"><b><font size="2">Capital Resources and Liquidity </font></b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The sources and uses of funds are directly obtainable from the Consolidated Statement of Cash Flows included as part of the financial statements filed with this report.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">The Company has sufficient cash resources to meets its future commitments and cash flow requirements for the coming year. As of March 31, 2010 working capital was $6,175,947 (2009 - $6,242,378) and the Company has no substantial commitments that require significant outlays of cash over the coming fiscal year. </font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 12pt"><font size="2">The Company is committed to minimum rental payments for property and premises aggregating approximately $406,850 over the term of three leases, the last expiring on December 31, 2011.</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">Commitments in each of the next five years are approximately as follows:</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center">
                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-TOP: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2010</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">$</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="10%">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">120,364</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1.5pt solid" valign="bottom" width="2%">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2011</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">86,502</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2012</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">74,983</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid">
                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2013</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">78,025</font></p>
                    </td>

                    <td valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>

                <tr style="PAGE-BREAK-INSIDE: avoid" bgcolor="#e6e6e6">
                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: -0.25in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in"><font size="2">2014</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: right; MARGIN-TOP: 2pt; TEXT-INDENT: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">46,976</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1.5pt solid" valign="bottom">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 2pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in">&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">See Note 2 to the financial statements included as part of this report for a description of the Company&rsquo;s significant accounting policies and recent accounting pronouncements.</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">19</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div align="left">
            <a name="A008Item4"></a>

            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="5%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">Item 4T.&nbsp;&nbsp;</font></b></p>
                    </td>

                    <td valign="top" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">CONTROLS AND PROCEDURES</font></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">Evaluation of Disclosure Controls and Procedures</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">Under the direction and with the participation of our management, including our Principal Executive and Financial Officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2010. We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our periodic reports with
        the Securities and Exchange Commission is recorded, processed, summarized and reported within the time periods specified in the SEC&rsquo;s rules and regulations, and that such information is accumulated and communicated to our management, including our principal executive and financial officer, as appropriate, to allow timely decisions regarding required disclosure. Our disclosure controls and procedures are designed to provide a reasonable level of assurance of reaching desired
        disclosure control objectives. Based on the evaluation, our Principal Executive and Financial Officer concluded that these disclosure controls and procedures are effective as of March 31, 2010.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">Changes in Internal Control over Financial Reporting</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">Our management, with the participation of our Principal Executive and Financial Officer, evaluated whether any change in our internal control over financial reporting occurred during the three months ended March 31, 2010. Based on that evaluation, it was concluded that there has been no change in our internal control over financial reporting during the three months ended March 31, 2010 that materially
        affected, or is reasonably likely to materially affect, our internal control over financial reporting. </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">20</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt"><b><font size="2"><a name="A009Part2"></a>PART II</font></b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
            <tr>
                <td style="PADDING-BOTTOM: 12pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="5%" nowrap>
                    <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2"><a name="A010Item6"></a>Item 6.&nbsp;&nbsp;</font></b></p>
                </td>

                <td style="PADDING-BOTTOM: 12pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>
                    <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b><font size="2">Exhibits.</font></b></p>
                </td>
            </tr>
        </table>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt"><u><b><font size="2">Number</font></b></u></p>                    </td>

                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt"><u><b><font size="2">Description</font></b></u></p>                    </td>
                </tr>

                <tr>
                  <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>&nbsp;</td>
                  <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>&nbsp;</td>
                </tr>
                <tr>
                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt"><font size="2">3.1</font></p>                    </td>

                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt"><font size="2">Amended and Restated Certificate of Incorporation of the registrant. (1)</font></p>                    </td>
                </tr>

                <tr>
                  <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>&nbsp;</td>
                  <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>&nbsp;</td>
                </tr>
                <tr>
                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt"><font size="2">3.2</font></p>                    </td>

                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt"><font size="2">Bylaws of the registrant. (1)</font></p>                    </td>
                </tr>

                <tr>
                  <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>&nbsp;</td>
                  <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>&nbsp;</td>
                </tr>
                <tr>
                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt"><font size="2">31.1</font></p>                    </td>

                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt"><font size="2">Certification of Principal Executive Officer Pursuant to &sect;302 of the Sarbanes-Oxley Act of 2002.*</font></p>                    </td>
                </tr>

                <tr>
                  <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>&nbsp;</td>
                  <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>&nbsp;</td>
                </tr>
                <tr>
                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt"><font size="2">31.2</font></p>                    </td>

                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: justify; LINE-HEIGHT: 129.6%; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt"><font size="2">Certification of Principal Financial Officer Pursuant to &sect;302 of the Sarbanes-Oxley Act of 2002.*</font></p>                    </td>
                </tr>

                <tr>
                  <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>&nbsp;</td>
                  <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>&nbsp;</td>
                </tr>
                <tr>
                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt"><font size="2">32.1</font></p>                    </td>

                    <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" colspan="2" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt"><font size="2">Certification of Principal Executive and Financial Officer Pursuant to 18 U.S.C. &sect;1350 and &sect;906 of the Sarbanes-Oxley Act of 2002.*</font></p>                    </td>
                </tr>

                <tr>
                    <td>                    </td>

                    <td>                    </td>

                    <td>                    </td>

                    <td>                    </td>
                </tr>
            </table>
    </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">______________</font></b></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td style="PADDING-BOTTOM: 6pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="3%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td style="PADDING-BOTTOM: 6pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="3%" nowrap>
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">*</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 6pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" >
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Filed with this report.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-BOTTOM: 6pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" nowrap>&nbsp;</td>

                    <td style="PADDING-BOTTOM: 6pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" nowrap><font size="2">(1)</font></td>

                    <td style="PADDING-BOTTOM: 6pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" ><font size="2">Incorporated by reference to the registrant&rsquo;s Registration Statement on Form 10-SB (SEC File. No. 000-29649) filed February 22, 2000.</font></td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">21</font></p>
        <hr align="center" size="4" width="100%" noshade>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt"><b><font size="2"><a name="A011Sign"></a>SIGNATURES</font></b></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">In accordance with the requirements of Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt"><font size="2">May 13, 2010</font></p>

        <div align="right">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 225.9pt" border="0" cellspacing="0" cellpadding="0" width="50%">
                <tr>
                    <td valign="top" colspan="3">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><b>FLEXIBLE SOLUTIONS INTERNATIONAL, INC.</b></p>
                  <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                  <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p></td>
                </tr>

                <tr>
                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in"><font size="2">By:</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top" width="84%">
                        <p><font size="2">/s/ Daniel B. O&rsquo;Brien</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Name:</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Daniel B. O&rsquo;Brien</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Title:</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">President and Principal Executive Officer</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 1pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in"><font size="2">By:</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">/s/ Daniel B. O&rsquo;Brien</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Name:</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Daniel B. O&rsquo;Brien</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" colspan="2">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0in; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt"><font size="2">Title:</font></p>
                    </td>

                    <td valign="top">
                        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt"><font size="2">Principal Financial and Accounting Officer</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="15%">
                    </td>

                    <td width="1%">
                    </td>

                    <td>
                    </td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: right; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; MARGIN-BOTTOM: 0pt"><font size="2">22</font></p>
        <hr align="center" size="4" width="100%" noshade>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>i00222_ex31-1.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt"><b><font size="2">CERTIFICATIONS</font></b></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">I, Daniel O&rsquo;Brien, certify that: </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">1.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">I have reviewed this quarterly report on Form 10-Q of Flexible Solutions International, Inc.;</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this
        report is being prepared; </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such internal control over financial reporting, or cause such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
        accounting principles;</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
        registrant&rsquo;s internal control over financial reporting; and</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions): </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have significant role in the registrant&rsquo;s internal control over financial reporting.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
                <tr>
                    <td valign="top" width="50%" nowrap>
                        <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><font size="2">May 13, 2010</font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="25%" nowrap>/s/ <font size="2">Daniel O&rsquo;Brien</font>&nbsp;</td>

                    <td valign="top" nowrap>&nbsp;</td>
                </tr>

                <tr>
                    <td valign="top" nowrap>&nbsp;</td>

                    <td valign="top" nowrap><font size="2">Daniel O&rsquo;Brien</font></td>

                    <td valign="top" nowrap>&nbsp;</td>
                </tr>

                <tr>
                    <td valign="top" nowrap>&nbsp;</td>

                    <td valign="top" nowrap><font size="2">President and Principal Executive Officer</font></td>

                    <td valign="top" nowrap>&nbsp;</td>
                </tr>
            </table>
        </div>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>
        <hr align="center" size="4" width="100%" noshade>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>i00222_ex31-2.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt"><b><font size="2">CERTIFICATIONS</font></b></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">I, Daniel O&rsquo;Brien, certify that: </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of Flexible Solutions International, Inc.;</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this
        report is being prepared; </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed such internal control over financial reporting, or cause such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
        principles;</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
        registrant&rsquo;s internal control over financial reporting; and</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions): </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and </font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 0pt"><font size="2">b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have significant role in the registrant&rsquo;s internal control over financial reporting.</font></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
            <tr>
                <td valign="top" width="50%" nowrap>
                    <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><font size="2">May 13, 2010</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="25%" nowrap>/s/ <font size="2">Daniel O&rsquo;Brien</font>&nbsp;</td>

                <td valign="top" nowrap>&nbsp;</td>
            </tr>

            <tr>
                <td valign="top" nowrap>&nbsp;</td>

                <td valign="top" nowrap><font size="2">Daniel O&rsquo;Brien</font></td>

                <td valign="top" nowrap>&nbsp;</td>
            </tr>

            <tr>
                <td valign="top" nowrap>&nbsp;</td>

                <td valign="top" nowrap><font size="2">Principal Financial Officer</font></td>

                <td valign="top" nowrap>&nbsp;</td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: left; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">&nbsp;</p>
        <hr align="center" size="4" width="100%" noshade>
    </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>4
<FILENAME>i00222_ex32.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </font></b></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">PURSUANT TO 18 U.S.C. SECTION 1350,</font></b></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><b><font size="2">AS ADOPTED PURSUANT TO </font></b></p>

        <p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 15pt"><b><font size="2">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

        <p style="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; TEXT-INDENT: 5%; MARGIN-BOTTOM: 24pt"><font size="2">Solely for the purposes of complying with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned Principal Executive and Financial Officer of Flexible Solutions International, Inc. (the &ldquo;Company&rdquo;), hereby certify that, to the best of my knowledge, the Quarterly Report on Form 10-Q of the Company for the quarter ended
        March 31, 2010 (the &ldquo;Report&rdquo;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>

        <table style="BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border="0" cellspacing="0" cellpadding="0" width="100%">
            <tr>
                <td valign="top" width="50%" nowrap>
                    <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><font size="2">May 13, 2010</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="25%" nowrap>/s/ <font size="2">Daniel O&rsquo;Brien</font>&nbsp;</td>

                <td valign="top" nowrap>&nbsp;</td>
            </tr>

            <tr>
                <td valign="top" nowrap>&nbsp;</td>

                <td valign="top" nowrap><font size="2">Daniel B. O&rsquo;Brien</font></td>

                <td valign="top" nowrap>&nbsp;</td>
            </tr>

            <tr>
                <td valign="top" nowrap>&nbsp;</td>

                <td valign="top" nowrap><font size="2">President, Principal Executive and Financial Officer</font></td>

                <td valign="top" nowrap>&nbsp;</td>
            </tr>
        </table>
        <hr align="center" size="4" width="100%" noshade>
    </body>
</html>

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